Mitchells & Butlers PLC Pre-Close Trading Update (0808C)
September 27 2018 - 2:01AM
UK Regulatory
TIDMMAB
RNS Number : 0808C
Mitchells & Butlers PLC
27 September 2018
27 September 2018
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Pre-Close Trading Update
Trading statement covering the 51 weeks ended 22 September
2018.
Operating performance
Sales have strengthened since our last update, on 2nd August. In
the 8 weeks to 22 September like-for-like sales growth was 2.2% on
a calendar basis, aligning dates to account for the impact of the
additional (53(rd) ) week in our accounting period last year. The
period has also seen a more normalised split between drink and food
sales following a period of very strong drink growth over the
summer.
On a reporting basis like-for-like sales growth was 0.8% in the
past 8 weeks, and 1.2% in the year to date. Total sales have
increased by 0.5% in the year to date impacted by the disposals in
the prior year.
Cost headwinds remain largely unchanged and, as previously
advised, are expected to lead to margins being lower than last
year.
Investments
We continue to make good progress on building a more balanced
estate, in particular premiumising our offers where possible and
reducing the remodel lifecycle. We have opened 7 new sites and
completed 232 conversions and remodels in the financial year to
date.
Phil Urban, Chief Executive, commented:
"We are pleased to have seen like-for-like sales growth improve
to 2.2% following the period of sustained hot weather and the World
Cup over the summer. We are building momentum as a result of our
focus on our strategic priorities and are seeing encouraging
results from the second wave of transformation activity. Work
continues to mitigate the cost headwinds impacting the industry and
we remain confident of delivering full year results in line with
the Board's expectations."
For further information, please contact:
Tim Jones - Finance Director +44 (0)121 498 6112
Amy de Marsac - Investor Relations +44 (0)121 498 6514
James Murgatroyd (Finsbury) +44 (0)20 7251 3801
Notes for editors:
- Mitchells & Butlers is a leading operator of managed restaurants
and pubs. Its strong portfolio of brands and formats includes
Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium
Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns,
Castle, Nicholson's, O'Neill's and Ember Inns. In addition,
it operates Innkeeper's Lodge hotels in the UK and Alex restaurants
and bars in Germany. Further details are available at www.mbplc.com
and supporting photography can be downloaded at www.mbplc.com/imagelibrary.
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END
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