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Mitchells & Butlers PLC (MAB)

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daveh
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Mitchells & Butlers PLC (MAB)

#223879

Postby daveh » May 23rd, 2019, 9:24 am

Has posted half year results:

I've posted about them on the HYP board as it sits in my HYP as a holdover from SXC.

viewtopic.php?f=15&t=17796

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Re: Mitchells & Butlers PLC (MAB)

#254018

Postby daveh » September 26th, 2019, 8:51 am

Pre close trading statement here:

www.investegate.co.uk/article.aspx?id=2 ... 7017N&fe=1

Looks like a decent set of results;

Operating performance

Since our last update sales have continued to outperform the market. In the 8 weeks to 21 September like-for-like sales grew by 3.3% with drink sales growth particularly strong.

Total sales have increased by 4.0% in the year-to-date.

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Re: Mitchells & Butlers PLC (MAB)

#265672

Postby daveh » November 20th, 2019, 8:39 am

Interim results can be found here:
https://www.investegate.co.uk/mitchells ... 00079777T/

-Strong adjusted profit before tax growth, up 10.7%
-Continued market outperformanceb


Reported results
-Total revenue of £2,237m (FY 2018 £2,152m)
-Operating profit of £297m (FY 2018 £255m)
-Profit before tax of £177m (FY 2018 £130m)
-Basic earnings per share of 33.5p (FY 2018 24.5p)

Trading results
-Like-for-like sales growth of 3.5%
-Adjusted operating profit growth of £14m to £317m (FY 2018 £303m)
-Adjusted earnings per share growth of 9.1% to 37.2p (FY 2018 34.1p)


Operational highlights
-Strong trading with market outperformance and profit growth
-Improved returns from capital programme of 21%, up 5ppts
-Strong performance across the brand portfolio driven by sales initiatives
-Efficiencies resulted in increased operating margin of 14.2% (FY 2018 14.1%)

Balance sheet and cash flow
-Capital expenditure of £152m (FY 2018 £171m), including 7 new site openings and 240 conversions and remodels (FY 2018 232)
-Adjusted free cash flow of £11m (FY 2018 £(19m))
-Net debt reduced to £1.56bn (FY 2018 £1.69bn) representing 3.6 times adjusted EBITDA (FY 2018 4.0 times)


These look like a decent set of results, but still no return to paying a dividend:

Capital allocation policy and dividends

The Company has obligations, notably in respect of debt service and pension fund contributions, after which investment in the estate and distribution to shareholders can be considered. Subsequent capital allocation decisions are made primarily to protect the ongoing and future health of the business and, as previously stated, when assessing dividends the Board would not expect to see a structural, or permanent, increase in the use of short term facilities.

Given this capital allocation framework combined in particular with the uncertain political and economic outlook, the Board does not propose a final dividend for the year

The Board keeps its dividend policy under review as appropriate in the context of its capital allocation policies, capital structure, and visibility on trading.

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Re: Mitchells & Butlers PLC (MAB)

#265714

Postby MDW1954 » November 20th, 2019, 10:35 am

Improving results, to be sure, but the mood music re: dividends doesn't sound too promising. FCF not too brilliant, either, at a first glance.

MDW1954

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Re: Mitchells & Butlers PLC (MAB)

#265722

Postby daveh » November 20th, 2019, 10:58 am

MDW1954 wrote:Improving results, to be sure, but the mood music re: dividends doesn't sound too promising. FCF not too brilliant, either, at a first glance.

MDW1954


I guess the reason for the no dividend is the reduced free cash flow (more spending on investing in new sites/refurbs?) and the wish to reduce the debt (good to see it coming down slowly). It sits in my HYP as a hold over from Six Continents. It makes up a massive 0.1% of my portfolio so is not really worth selling. I almost bit the bullet as II now give me free deals in exchange for my monthly fees, but then last year I used the 20% tokens to get a discount for our group's Christmas meal out that was more than the shares were worth (at the time).

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Re: Mitchells & Butlers PLC (MAB)

#265767

Postby Bouleversee » November 20th, 2019, 12:50 pm

I also have them in a small ISA which I rarely look at, as a result of the Six C. spin-off and got quite excited when I read on the ADVFN bulletin that their pre-tax profit had increased by 36.2%, though that doesn't seem to mean much. 3/4 analysts on HL are recommending them as a strong buy but I think I'll pass on that in the absence of any dividends whatsoever and the threat of increased wages. I wonder what the directors' remuneration did. I haven't tried any of their restaurants. Are they any good?

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Re: Mitchells & Butlers PLC (MAB)

#265789

Postby MDW1954 » November 20th, 2019, 2:15 pm

Bouleversee wrote:I haven't tried any of their restaurants. Are they any good?


Like Greene King, there are various chains, Lorna. Some outlets are pubs with restaurants, but there are also Harvesters, etc. Best idea is to hop on the website and see.

MDW1954

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Re: Mitchells & Butlers PLC (MAB)

#265793

Postby Bouleversee » November 20th, 2019, 2:35 pm

I did have a look some years ago but that doesn't tell you how good they are. IIRC I think there were only Harvesters nearby (which I suspect would not be my scene) but I'll have another look. If I take all my family out the discount would be useful.

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Re: Mitchells & Butlers PLC (MAB)

#265795

Postby daveh » November 20th, 2019, 2:44 pm

Bouleversee wrote:I also have them in a small ISA which I rarely look at, as a result of the Six C. spin-off and got quite excited when I read on the ADVFN bulletin that their pre-tax profit had increased by 36.2%, though that doesn't seem to mean much. 3/4 analysts on HL are recommending them as a strong buy but I think I'll pass on that in the absence of any dividends whatsoever and the threat of increased wages. I wonder what the directors' remuneration did. I haven't tried any of their restaurants. Are they any good?


The two I've tried are All Bar One, they did our Christmas meal last year which I thought was very reasonable with 20% off the whole bill - the post grads were well pleased. Though this year we are going to The Illicit Still just up the road as they gave us a better deal (its not a chain just a local pub). The other is Miller and Carter, I've taken my elderly Mum twice who likes her food pretty bland and we've had good posh burgers there. Providing you're not vegie (not a lot of choice) I'd take people to both places again.

On the shares front they seem to be up to day in a falling market and have nearly doubled over the year (273 on 30nov18 464 today). So when I was thinking of selling last year they would have been a very good buy for capital growth.

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Re: Mitchells & Butlers PLC (MAB)

#265803

Postby PinkDalek » November 20th, 2019, 3:17 pm

"Our Brands" here:

https://www.mbplc.com/

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Re: Mitchells & Butlers PLC (MAB)

#265819

Postby tjh290633 » November 20th, 2019, 3:58 pm

Bouleversee wrote:I did have a look some years ago but that doesn't tell you how good they are. IIRC I think there were only Harvesters nearby (which I suspect would not be my scene) but I'll have another look. If I take all my family out the discount would be useful.

Lorna, we have a Vintage Inn near us, recently refurbished, which is quite good. It has the advantage that AA members get a 20% discount, also available at two nearby Ember Inns. I have the AA app on my mobile phone which shows the nearest locations if you click on Benefits.

TJH

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Re: Mitchells & Butlers PLC (MAB)

#265850

Postby Bouleversee » November 20th, 2019, 5:44 pm

Thanks, TJH. Believe it or not, I don't have a smartphone but I'll look them up on my computer.

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Re: Mitchells & Butlers PLC (MAB)

#265854

Postby Bouleversee » November 20th, 2019, 5:58 pm

daveh wrote:
Bouleversee wrote:I also have them in a small ISA which I rarely look at, as a result of the Six C. spin-off and got quite excited when I read on the ADVFN bulletin that their pre-tax profit had increased by 36.2%, though that doesn't seem to mean much. 3/4 analysts on HL are recommending them as a strong buy but I think I'll pass on that in the absence of any dividends whatsoever and the threat of increased wages. I wonder what the directors' remuneration did. I haven't tried any of their restaurants. Are they any good?


The two I've tried are All Bar One, they did our Christmas meal last year which I thought was very reasonable with 20% off the whole bill - the post grads were well pleased. Though this year we are going to The Illicit Still just up the road as they gave us a better deal (its not a chain just a local pub). The other is Miller and Carter, I've taken my elderly Mum twice who likes her food pretty bland and we've had good posh burgers there. Providing you're not vegie (not a lot of choice) I'd take people to both places again.

On the shares front they seem to be up to day in a falling market and have nearly doubled over the year (273 on 30nov18 464 today). So when I was thinking of selling last year they would have been a very good buy for capital growth.


Long may it continue. I don't want to subscribe more cash to that ISA and will be thinking about selling when the music stops.

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Re: Mitchells & Butlers PLC (MAB)

#265859

Postby Bouleversee » November 20th, 2019, 6:42 pm

PinkDalek wrote:"Our Brands" here:

https://www.mbplc.com/


:lol: :roll: When I looked them up again today, I realised that I was confusing them with my other similar holding, Marston's. In fact, I have tried one local pub/restaurant on the MB list (The Apple Tree in Gerrards Cross) which was quite nice when I took my daughter one lunchtime but not very good and very slow service when I took my son one evening. I might give it another go or try some of the others, not that I eat out often.

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Re: Mitchells & Butlers PLC (MAB)

#265860

Postby PinkDalek » November 20th, 2019, 7:02 pm

Bouleversee wrote:In fact, I have tried one local pub/restaurant on the MB list (The Apple Tree in Gerrards Cross) ... I might give it another go or try some of the others, not that I eat out often.


More of a drinker then. :D

Without wishing to go further off-topic but you've had a drink in (outside in reality and I do appreciate that wasn't ideal for you) another M&B pub. That one being part of the generally excellent Nicholson's brand.

Your last executive summary is here:

viewtopic.php?p=182846#p182846

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Re: Mitchells & Butlers PLC (MAB)

#265862

Postby Bouleversee » November 20th, 2019, 7:19 pm

I had no idea it was M&B. I hope whoever bought my drinks got the discount. :lol:

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Re: Mitchells & Butlers PLC (MAB)

#276153

Postby daveh » January 9th, 2020, 11:49 am

1st qtr trading update here:
https://www.investegate.co.uk/mitchells ... 00062157Z/

which looks decent, with good increases in like for like sales over the Xmas period

The group traded well over the core three-week festive period, with like-for-like sales growth of 5.6%, including strong performances on all of the key festive days.

Overall sales have strengthened over the period since our last update with like-for-like growth of 3.5%, with particularly strong food sales growth.

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Re: Mitchells & Butlers PLC (MAB)

#323217

Postby daveh » July 2nd, 2020, 10:49 am

Half year results can be found here:
https://www.investegate.co.uk/mitchells ... 00037789R/

Highlights
Strong operational performance demonstrated before lockdown
Rapid and effective action taken to protect guests and team members and to reduce costs
New financing arrangements provide security and flexibility

Experience of German business provides clear path for re-opening

Well positioned to benefit from recovery on re-opening

Reported results

Total revenue of £1,039m (HY 2019 £1,186m)
Operating (loss)/profit of £(51)m (HY 2019 £140m)
(Loss)/profit before tax of £(121)m (HY 2019 £75m)

Basic (loss)/earnings per share of (25.0)p (HY 2019 14.3p)

Trading results

First half trading includes nearly four weeks of enforced closure due to Covid-19

Like-for-like salesa growth of 0.9% before closure remained consistently ahead of the marketb

Adjusted operating profita £108m (HY 2019 £151m)

Adjusted earnings per sharea 7.2p (HY 2019 16.1p)

Balance sheet and cash flow

Unsecured committed financing facilities extended by £100m to total £250m to 31 December 2021

Capital investment of £82m (HY 2019 £90m), including 2 new site openings and 166 conversions and remodels (HY 2019 208)

Cash flow of £58m (HY 2019 £23m)

Full property valuation and impairment review undertaken resulting in an overall decrease in book value of £524m

Net debt of £2.2bn including £543m of lease liabilities following adoption of IFRS 16

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Re: Mitchells & Butlers PLC (MAB)

#374176

Postby daveh » January 7th, 2021, 8:39 am

Trading update and possible rights issue (of some form).

https://www.investegate.co.uk/mitchells ... 00048428K/

Trading update is basically everything is closed at the moment.
Since the UK government announcement reallocating regions in England between tiers, on 30th December 2020, we have had no sites open.


and we need to raise more cash to cover unavoidable costs until we can start trading again so:

We welcome recent positive news on vaccine approval and roll-out but the future facing the hospitality sector remains extremely uncertain. It is not possible to estimate with any confidence what restrictions on our ability to trade lie ahead of us and for how long. As a result, the directors believe it is prudent to explore an equity capital raise, to give the group increased financial and operational flexibility. No decision has yet been made with regards to the timing, size, or terms of any such equity capital raise.


Down ~12% this morning.

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Re: Mitchells & Butlers PLC (MAB)

#386802

Postby daveh » February 15th, 2021, 8:28 am

Open Offer to raise £350m:
https://www.investegate.co.uk/mitchells ... 00070236P/

Following the announcement made by Mitchells & Butlers on 7 January 2021, regarding its intention to explore an equity capital raise, the Board of Mitchells & Butlers plc (the "Company" and, together with its subsidiaries, "Mitchells & Butlers" or the "Group"), today announces that it intends to raise £350 million by means of an underwritten fully pre-emptive open offer (the "Proposed Open Offer"). The Proposed Open Offer will include a facility for shareholders to apply for any shares not taken up by other shareholders, up to a maximum amount depending on their existing shareholdings in Mitchells & Butlers (the "Excess Application Facility").


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