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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.

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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.

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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)

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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.

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Re: Mitchells & Butlers PLC (MAB)

#473159

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

Me, too.

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Re: Mitchells & Butlers PLC (MAB)

#501221

Postby daveh » May 18th, 2022, 11:20 am

Half year results:
https://www.investegate.co.uk/mitchells ... 00068513L/

Highlights

-Like-for-like a sales growth of 1.0% over the first half versus FY 2019 (pre Covid-19)

-Encouraging progress in like-for-like a sales growth of 3.8% versus FY 2019 through the second quarter

-Challenging cost environment partially mitigated through capital and Ignite programmes

-Commitment to reducing the environmental impact of the business with updated targets



Reported results

-Total revenue of £1,159m (HY 2021 £219m)

-Operating profit of £121m (HY 2021 £(132)m loss)

-Profit before tax of £57m (HY 2021 £(200)m loss)

-Basic earnings per share of 7.7p (HY 2021 (33.0)p loss)





Trading results

-Adjusted operating profita £120m (HY 2021 £(124)m loss)

-Adjusted earnings per sharea 7.6p (HY 2021 (31.8)p loss)



Balance sheet and cash flow

-Cash inflow before bond amortisation of £22m (HY 2021 inflow £35m)

-Net debt reduced to £1,253m (HY 2021 £1,472m), excluding £483m of IFRS 16 lease liabilities (HY 2021 £541m)


Phil Urban, Chief Executive, commented:


"We are encouraged by the improvement in sales trajectory through the first half of the year, having made progress in each of our markets, with our food-led businesses continuing to lead the way.

The trading environment remains difficult. Cost headwinds present a significant challenge to the industry, particularly those costs related to utilities, wages and food. In light of this, our teams have refocused their efforts on driving further efficiency and productivity gains through our Ignite programme. In parallel, we are pushing forward with our capital investment plan which we are pleased to see delivering strong sales uplifts.

The fundamental strengths of the business remain, and we are well positioned to continue on our trajectory of recovery following the pandemic."


Look a decent set of results considering Covid problems, though the market has them down slightly (-1%) on the day

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Re: Mitchells & Butlers PLC (MAB)

#516168

Postby daveh » July 21st, 2022, 9:01 am

3rd qtr trading update:
https://www.investegate.co.uk/mitchells ... 00072111T/
Sales

Sales comparisons are on a three-year basis, to the same period in FY 2019, the last full financial year before Covid-19.



Like-for-like sales started the third quarter strongly, up 2.2% for the first five weeks as previously reported, before falling back slightly across a period including the Jubilee weekend, industrial action and the recent very hot weather, to end up 0.9% across the full quarter, with food continuing to be the main driver.

Total sales have declined by 1.6% in the year-to-date driven mainly by temporary covid-related closures in the first part of the year and site disposals since FY 2019 .



Operating costs and margins

Inflationary cost pressures continue to present a major challenge to our business and to the hospitality sector as a whole. Whilst the near-term outlook is unchanged it now seems likely that, particularly in the case of utilities, wages and food costs, these will persist at or above current levels well into the next financial year, increasing and prolonging the medium term impact on margins. Our Ignite programme of work remains at the core of our long-term value creation plans and we continue to focus on initiatives which enhance efficiency and productivity, helping to offset these inflationary cost pressures.


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Re: Mitchells & Butlers PLC (MAB)

#533251

Postby daveh » September 29th, 2022, 10:47 am

Trading statement:

https://www.investegate.co.uk/mitchells ... 00080729B/

Sales

Like-for-like sales improved in the fourth quarter, despite the ongoing impact of extreme heat as well as further rail strikes, both of which disrupted trade. Sales over the August bank holiday were encouraging, with like-for-like growth over the three-day weekend of over 6%, before returning to levels consistent with the quarter as a whole. Growth continues to be driven by food sales with the strongest performances in our premium, food-led brands.


Operating costs and margins

Inflationary cost pressures presented an increasing challenge both to our business and to the hospitality sector as a whole through the second half of the year, initially concentrated in the areas of energy, wages and food costs but are now evident throughout most of the supply chain.



Balance Sheet and Investments

The group currently has cash balances of c.£160m, in addition to undrawn committed unsecured facilities of £150m.

We remain committed to investing in enhancing the competitiveness of our estate. We have completed 166 conversions and remodels in the financial year to date.



I will hopefully be getting my "dividend" when I make use of the shareholder 20% off-vouchers in the period up to Christmas.

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Re: Mitchells & Butlers PLC (MAB)

#552887

Postby daveh » December 7th, 2022, 8:54 am

Full year results:
https://www.investegate.co.uk/mitchells ... 00068360I/

FULL YEAR RESULTS

(For the 52 weeks ended 24 September 2022)

Highlights

- Like-for-like salesa growth for the year of 1.1% against FY 2019 (pre Covid-19)

- Excluding the impact of utilities, profits broadly recovered to pre Covid-19 levels

- Encouraging start to the new year with like-for-like salesa growth of 6.5% against FY 2022 in ten weeks since the end of the financial year (9.2% growth against FY 2019)


Reported results

- Total revenue of £2,208m (FY 2021 £1,065m)

- Operating profit of £124m (FY 2021 £81m)

- Profit before tax of £8m (FY 2021 £(42)m loss)

- Basic earnings per share of 2.2p (FY 2021 (11.5)p loss)


Trading results

- Adjusted operating profita £240m (FY 2021 £29m)

- Adjusted earnings per sharea 18.0p (FY 2021 (13.6)p loss)



Balance sheet and cash flow

- Cash inflow before bond amortisation of £71m (FY 2021 inflow £174m, including gross equity proceeds of £351m)

- Cash balances on hand of £190m at year end (FY 2021 £227m) with undrawn unsecured committed financing facilities of £150m to February 2024

- Net debta reduced to £1,198m (FY 2021 £1,270m), excluding £481m of IFRS 16 lease liabilities (FY 2021 £513m)

- Net assets increased to £2,143m (FY 2021 £2,104m)



Phil Urban, Chief Executive, commented:



"The trading environment remains highly challenging, with cost inflation continuing to put pressure on margins and we are ever mindful of the pressures that the UK consumer is facing. However, we are encouraged by the strength of sales growth at the end of last financial year which has improved further into the early weeks of this year.



We remain focused on the delivery of our Ignite programme with existing and new initiatives driving cost efficiencies and increased sales, alongside our capital investment programme. Combined with our diverse portfolio of well-known brands, value proposition, strong estate locations and talented people, we are well positioned to face both the challenges and opportunities ahead."



They look a decent set of results in challenging conditions, but there are worries over cost inflation particularly around utilities (presumably power costs).


They do say later:

Going Concern


After considering forecasts, sensitivities and mitigating actions available to management and having regard to risks and uncertainties, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate within its borrowing facilities and covenants for a period of at least 12 months from the date of signing the financial statements. However, given the prevailing high level of unpredictability and uncertainty concerning both sales and, particularly, cost inflation, the Directors have concluded that a material uncertainty exists which may cast significant doubt over the Group's ability to trade as a going concern, in which case it may be unable to realise its assets and discharge its liabilities in the normal course of business.


I don't normally read the going concern bit of accounts in any detail ( I usually take it as a given from the rest of the accounts that the company accounts are being prepared on a going concern basis), so I'm not sure if it is normal to state that the directors have significant doubt over the companies ability to trade as a going concern.

Edit to add. The market seems to be unconcerned - up 7% this morning, though it had been dropping in the lead up to the results announcement.

So far my share holder perks have saved me (and my colleagues as I've used them at work meals out) £110 and we have a Christmas meal out tomorrow so that may more than double.

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Re: Mitchells & Butlers PLC (MAB)

#560912

Postby daveh » January 12th, 2023, 9:33 am

Trading statement:
https://www.investegate.co.uk/mitchells ... 00024563M/

First Quarter Trading Update



Trading statement covering the 15 weeks ended 7 January 2023.



Sales

Sales comparisons unless otherwise stated are to the same period in FY 2022. Prior year figures include the benefit of the temporary reduction in the rate of VAT on food and non-alcoholic drink sales.



Continued strong trading over the festive season has increased like-for-like sales in the year to date to 10.4%, with total sales growth of 13.3%.
like for like sales:



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Re: Mitchells & Butlers PLC (MAB)

#589577

Postby daveh » May 17th, 2023, 9:40 am

Half year results.

https://www.investegate.co.uk/announcement/7530015

HALF YEAR RESULTS



(For the 28 weeks ended 8 April 2023)



Highlights

- Strong like-for-like salesa growth of 8.5% versus HY 2022, built on volume growth in both food and drink

- Costs remain a challenge but medium-term cost outlook is now improving

- Capital investment and Ignite programme continue to drive sales growth and cost efficiencies



Reported results

- Total revenue of £1,282m (HY 2022 £1,159m)

- Operating profit of £99m (HY 2022 £121m)

- Profit before tax of £40m (HY 2022 £57m)

- Basic earnings per share of 5.4p (HY 2022 7.7p)



Trading results

- Adjusted operating profita £100m (HY 2022 £120m)

- Adjusted earnings per sharea 5.5p (HY 2022 7.6p)



Balance sheet and cash flow

- Cash inflow before bond amortisation of £10m (HY 2022 inflow £22m)

- Cash balances on hand of £142m at half year end (HY 2022 £194m) with undrawn unsecured committed financing facilities of £150m to February 2024

- Net debta reduced to £1,193m (HY 2022 £1,253m), excluding £467m of IFRS 16 lease liabilities (HY 2022 £483m)




Phil Urban, Chief Executive, commented:



"We are pleased to report a strong first half performance delivering continued like-for-like salesa growth and outperformanceb against the market.



The trading environment for the hospitality sector remains challenging with inflationary costs putting pressure both on the industry's margins and disposable income of our guests. However, we are encouraged by the resilience of trade to date, including the most recent six weeks at 8.9% like-for-like salesa growth, and also by early signs of the medium-term cost outlook improving.



We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales. Combined with our diverse portfolio of established brands, value proposition, enviable estate locations and talented people, we believe we are well positioned to continue to outperform the sectorb.





I will be collecting my first dividend of the year on friday (20% of the whole bill at one of their restaurants)

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Re: Mitchells & Butlers PLC (MAB)

#605015

Postby daveh » July 27th, 2023, 8:47 am

Trading statement:
https://www.investegate.co.uk/announcem ... te/7657741

Third Quarter Trading Update

Trading statement covering the 43 weeks ended 22 July 2023.

Sales

Sales comparisons, unless otherwise stated, are to the same period in FY 2022.

Continued strong trading through the third quarter has increased like-for-like sales in the year to date to 8.9%, with total sales growth now of 10.5%.


Like-for-like sales in the third quarter increased by 9.7%, as we continued to out-perform the marketa and with both food and drink volumes in growth. We achieved a record-breaking Father's Day in June and sales performance across the quarter was relatively consistent outside of weeks impacted by industrial action on national transport systems.

Against FY 2019, year-to-date like-for-like sales are up 10.0%, with growth driven by spend-per-head.


They also seem to have removed their pension liabilities.

Pensions

We are delighted to announce that the trustees of the M&B Main Pension Plan, working closely with the Company, have now successfully completed a full scheme buy-in with Standard Life. This transaction follows on from the completion of the buy-in of the Executive Plan announced last year and eliminates substantially all remaining pensions risk in the group.

Committed contributions are all being made into blocked escrow accounts and, after many years, will cease altogether in September this year.

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Re: Mitchells & Butlers PLC (MAB)

#617609

Postby daveh » September 28th, 2023, 9:02 am

4th qtr trading update:
https://www.investegate.co.uk/announcem ... te/7782585

Trading statement covering the 52 weeks ended 23 September 2023.


Sales

Sales comparisons, unless otherwise stated, are to the same period in FY 2022.

Strong trading has continued through the fourth quarter, bringing year to date like-for-like sales growth to 9.1%, with total sales growth now of 10.5%.


and

Phil Urban, Chief Executive, commented:


"We are delighted to have continued our strong like-for-like sales performance through the fourth quarter, underpinned by volume growth and reflecting increasing out-performance against the market.

Going forward we shall remain focused on executing the drivers of this strong performance, our Ignite programme of growth and efficiency initiatives and our capital investment programme which, combined with our diverse portfolio of established brands and enviable estate locations, leaves us well positioned to continue to outperform the sector and see improved profitability."

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Re: Mitchells & Butlers PLC (MAB)

#630766

Postby daveh » November 30th, 2023, 11:55 am

finals:

https://www.investegate.co.uk/announcem ... ts/7911579

FULL YEAR RESULTS

(For the 53 weeks ended 30 September 2023)

Highlights

-Like-for-like salesa growth for the period of 9.1% against FY 2022 with record outperformance against the marketb

-Adjusted operating profit increased by 17.6% (52-weeks, net of government support)

-Cost headwinds starting to abate

-Purchase of Ego Restaurants will provide synergy and rollout opportunities

-Improved guest feedback and employee engagement scores





Reported results (53 week year)

-Total revenue of £2,503m (FY 2022 £2,208m)

-Operating profit of £98m (FY 2022 £124m)

-Profit/(loss) before tax of £(13)m (FY 2022 £8m)


Trading results

-Adjusted operating profita £221m on 52-week basis (FY 2022 £240m)

-Adjusted earnings per sharea 15.6p on 52-week basis (FY 2022 18.0p)


Balance sheet and cash flow

-Net debta reduced to £1,170m (FY 2022 £1,198m), excluding £463m of IFRS 16 lease liabilities (FY 2022 £481m)

-Refinancing of Revolving Credit Facility to July 2026, increased by £50m to £200m

-Successful buy-in of M&B Main pension scheme with no further pension contributions anticipated


and later
Dividends

There were no dividends declared or paid during the current period.

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Re: Mitchells & Butlers PLC (MAB)

#630802

Postby Dod101 » November 30th, 2023, 2:15 pm

Why does this company exist? Improved profitability they mentioned in the trading statement. What they meant was a modest reduction in the trading losses. Does anyone here hold them? If so why?

Dod


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