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Mitchells & Butlers PLC (MAB)

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Bouleversee
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Re: Mitchells & Butlers PLC (MAB)

#394856

Postby Bouleversee » March 12th, 2021, 10:39 am

I wasn't able to take up my full entitlement, let alone apply for more, because the charges on that particular ISA had mopped up most of the dividends in the past year. Time to transfer out methinks but that, too, would be expensive as they charge a bomb for that, too. Pity the FCA didn't go ahead and ban exit charges.

It will be interesting to see what happens to M&B now.

daveh
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Re: Mitchells & Butlers PLC (MAB)

#394866

Postby daveh » March 12th, 2021, 11:09 am

Bouleversee wrote:I wasn't able to take up my full entitlement, let alone apply for more, because the charges on that particular ISA had mopped up most of the dividends in the past year. Time to transfer out methinks but that, too, would be expensive as they charge a bomb for that, too. Pity the FCA didn't go ahead and ban exit charges.

It will be interesting to see what happens to M&B now.


I think I got the 25 shares I was entitled to and the maximum extra I could apply for (22). My account shows that the money has gone to make the purchase and the two deals appear in the transaction list, but the shares haven't appeared yet, the nil paid new shares still appear in the portfolio list. It wasn't a big holding as it was left over from an ~ £1k purchase of SXC (or perhaps even BASS) when I first started my HYP. I'm hoping they will do well from a pent up demand for entertainment and out of home dining once lockdown is left and I can then sell with the holding being worth selling. Though the shareholder 20% off vouchers are worth more than ever got in dividends if I use them.

daveh
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Re: Mitchells & Butlers PLC (MAB)

#413196

Postby daveh » May 19th, 2021, 11:28 am

Half year results:
https://www.investegate.co.uk/mitchells ... 00050576Z/

Highlights

- Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements

- Confident of emerging in a position of strength as restrictions are eased

- Almost all sites now open, trading indoors and outdoors



Reported results

-Total revenue of £219m (HY 2020 £1,039m)

-Operating loss of £132m (HY 2020 loss £51m)

-Loss before tax of £200m (HY 2020 loss £121m)

-Basic loss per share of (33.0)p (HY 2020 (22.6)p as restated)



Trading results

-First half again dominated by Covid-19, with only 14 weeks of restricted trading permitted

-Like-for-like salesa restricted to a decline of 30.1% against pre Covid-19 levels

-Adjusted operating (loss)/profita £(124)m (HY 2020 £108m)

-Adjusted (loss)/earnings per sharea (31.8)p (HY 2020 6.5p as restated )



Balance sheet and cash flow

-Unsecured committed financing facilities of £150m to February 2024

-Extended covenant waivers and then amendments in place for the securitisation until January 2023

-Cash outflow of £(16)m (HY 2020 inflow £58m), including gross equity proceeds of £351m

-Net debt of £2,014m (HY 2020 £2,158m), including £542m of IFRS 16 lease liabilities (HY 2020 £543m)

daveh
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Re: Mitchells & Butlers PLC (MAB)

#431165

Postby daveh » July 29th, 2021, 10:44 am

3rd Qtr trading update:
https://www.investegate.co.uk/mitchells ... 00078256G/

Trading statement covering the 43 weeks ended 24 July 2021.


Sales

Sales comparisons are on a 2-year basis, to the same period in FY2019, being the last full pre Covid-19 financial year. Current year figures include the benefit of the temporary reduction in the rate of VAT on food and non-alcoholic drink sales.

On 12 April we initially opened 16% of our estate for outdoor trading only, building to 44% by 16 May as restrictions eased across Scotland and Wales. During these initial 5 weeks like-for-like sales were at 63% of pre-Covid levels, as previously announced.

Since 17 May substantially all of our estate has been open for 10 weeks of trading both indoors and outdoors, during which time sales have been volatile. In the first 5 weeks like-for-like sales were strong at 98% of pre-Covid levels, supported in particular by pent up consumer demand on full re-opening. Across the following 5 weeks activity was slower on average, with like-for-like sales at 89% of pre-Covid levels although most recently there has been some sign of improvement following further easing of restrictions on 'Freedom Day' in England. Aside from the impact of selected games during the Euros, sales have generally been stronger in suburban and food-led brands, with city centre sites being the most challenged.

Total sales year to date, including 18 weeks of enforced closure, are at 35% of pre-Covid levels.


So trading is still difficult compared to pre-covid, people must be remaining wary even after so called freedom day in Englandshire, but considering the situation I think these are decent results. No mention of problems with the pingdemic or with staffing for Brexit reasons. market seems to like it.

daveh
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Re: Mitchells & Butlers PLC (MAB)

#444630

Postby daveh » September 23rd, 2021, 9:24 am

Yesterday the told us that today they will release a trading statement:
https://www.investegate.co.uk/mitchells ... 00066271M/

(why bother?)

The trading statement:
https://www.investegate.co.uk/mitchells ... 00056791M/

Sales



Sales comparisons are on a 2-year basis, to the same period in FY2019, being the last full pre Covid-19 financial year. Current year figures include the benefit of the temporary reduction in the rate of VAT on food and non-alcoholic drink sales.



As previously announced the majority of our estate has been open for trading since 17 May, following the 5 initial weeks from 12 April of outdoor trading only. Over this period sales have been volatile but have generally strengthened overall, particularly since the easing of restrictions on 'Freedom Day' in England on 19 July.



In the 18 weeks since full indoor trading reopened on 17 May like-for-like sales have been 97% of pre-Covid levels, following an improvement since the last update in the most recent 8 weeks to 104%. Trading continues to be stronger in suburban and food-led brands, particularly at the more premium end of the market.



Total sales year to date, including 18 weeks of enforced closurea, are at 45% of pre-Covid levels.

daveh
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Re: Mitchells & Butlers PLC (MAB)

#460742

Postby daveh » November 25th, 2021, 8:23 am

Full year results:
https://www.investegate.co.uk/mitchells ... 00035233T/

Highlights

- A return to profitability and cash generation in the period since restrictions were lifted

- FY 2021 like-for-like sales a declined by 9.6% impacted by Covid-19 related restrictions

- Like-for-like sales a growth of 2.7% in last eight weeks since the end of the financial year with total sales in growth of 0.5%

- Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements



Reported results

- Total revenue of £1,065m (FY 2020 £1,475m)

- Operating profit of £81m (FY 2020 £8m)

- Loss before tax of £(42)m (FY 2020 £(123)m)

- Basic loss per share of (11.5)p (FY 2020 (23.6)p)



Trading results

- Adjusted operating profit £29m (FY 2020 £99m)

- Second half sales of £846m (H2 FY 2020 £436m) demonstrating strong recovery on re-opening, full year revenue of £1,065m (FY 2020 £1,475m)

- Adjusted second half operating profit £153m (H2 FY 2020 £(9)m)



Balance sheet and cash flow


- Unsecured committed financing facilities of £150m to February 2024

- Extended covenant waivers and amendments in place for the securitisation until Q4 2022

- Cash inflow after bond amortisation of £70m (FY 2020 inflow £24m), including gross equity proceeds of £351m

- Cash balances on hand of £227m at year end with liquidity facility fully repaid

- Net debt reduced to £1,270m (FY 2020 £1,563m), excluding £513m of IFRS 16 lease liabilities (FY 2020 £541m)


daveh
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Re: Mitchells & Butlers PLC (MAB)

#472650

Postby daveh » January 13th, 2022, 9:01 am

Trading statement:
https://www.investegate.co.uk/mitchells ... 00052778Y/

We made a strong start to the year with like-for-like sales growth of 2.7% over the first eight weeks. This encouraging performance continued until early December when concerns first arose around the emergence of the new Covid variant, Omicron, leading to calls for further caution in socialising which resulted in a downturn in activity across the sector. As a result, over the seven weeks since the last update like-for-like sales have been down 6.0%, with the adverse impact of Omicron being particularly felt in the most recent four weeks, over the important festive season, during which like-for-like sales have been down 10.2%.



Which looks decent considering Omicron affecting the run up to Xmas.

And also

Pensions

The trustees of the M&B Executive Pension Plan, working closely with the Company, have successfully completed a full scheme buy-in with Legal and General Assurance Society Limited. This transaction eliminates substantially all remaining risk in this scheme within the level of existing committed contributions. The Executive Plan makes up approximately 20% of the Company's total pension obligations, with the vast majority of the balance being in the M&B Main Pension Plan for which the next triennial valuation will be as at 31st March 2022.

dealtn
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Re: Mitchells & Butlers PLC (MAB)

#473097

Postby dealtn » January 14th, 2022, 3:56 pm

daveh wrote:T
And also

Pensions

The trustees of the M&B Executive Pension Plan, working closely with the Company, have successfully completed a full scheme buy-in with Legal and General Assurance Society Limited. This transaction eliminates substantially all remaining risk in this scheme within the level of existing committed contributions. The Executive Plan makes up approximately 20% of the Company's total pension obligations, with the vast majority of the balance being in the M&B Main Pension Plan for which the next triennial valuation will be as at 31st March 2022.


More good news for LGEN holders then!

daveh
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Re: Mitchells & Butlers PLC (MAB)

#473137

Postby daveh » January 14th, 2022, 5:59 pm

dealtn wrote:
daveh wrote:T
And also

Pensions

The trustees of the M&B Executive Pension Plan, working closely with the Company, have successfully completed a full scheme buy-in with Legal and General Assurance Society Limited. This transaction eliminates substantially all remaining risk in this scheme within the level of existing committed contributions. The Executive Plan makes up approximately 20% of the Company's total pension obligations, with the vast majority of the balance being in the M&B Main Pension Plan for which the next triennial valuation will be as at 31st March 2022.


More good news for LGEN holders then!


Indeed, good job I'm an LGEN shareholder too.

Bouleversee
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Re: Mitchells & Butlers PLC (MAB)

#473159

Postby Bouleversee » January 14th, 2022, 7:05 pm

Me, too.


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