REG - Mitchells & Butlers - First Quarter Trading Update

Mitchells & ButlersAnnouncement

15/01/2025 07:00

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RNS Number : 3306T  Mitchells & Butlers PLC  15 January 2025

15 January 2025

 

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

 

First Quarter Trading Update

 

Trading statement covering the 15 weeks ended 11 January 2025.

 

Sales

The business traded very strongly across the festive season with like-for-like
growth of 10.4% over the core three-week period, built on numerous record
sales performances through the estate and the brand portfolio.

 

Across the first quarter as a whole like-for-like sales remained well ahead of
the market(a), growing by 3.9% despite the notable adverse, albeit temporary,
impact of very cold and stormy weather over the last couple of weeks.

 

Like-for-like sales:

 

        7 weeks to         8 weeks to        15 weeks to

        16 November 2024   11 January 2025   11 January 2025
 Food   4.1%               3.9%              4.0%
 Drink  3.4%               3.8%              3.6%

 Total  4.0%               3.9%              3.9%

Total sales have grown by 3.8% in the year to date.

 

Investments

We continue to focus on investment in the estate, and in the year to date we
have already completed 40 conversions and remodels. We remain encouraged by
returns being generated.

 

Outlook

Sales have remained strong throughout the first quarter, and we remain
confident in our ability to tackle the c.£100m of year-on-year cost headwinds
we expect to face this financial year, driven primarily by increased labour
costs, to deliver continued profit growth and market outperformance.

 

Phil Urban, Chief Executive, commented:

 

"We are delighted to have delivered another very strong festive trading
period, with some excellent performances across our brand portfolio.  Growth
was particularly strong on festive key dates supported by volume growth, and
with record sales on Christmas Day.  Cold and stormy weather over recent
weeks has subsequently had a material adverse impact on trading but we remain
confident in the strength of underlying sales growth.

 

Our focus remains on the effective execution of our Ignite programme of
initiatives and our successful capital investment programme, driving cost
efficiencies and increased sales. We continue to leverage the strength of our
diverse portfolio of established brands and enviable estate locations and
believe we are well positioned to further grow profitability and market share
in the year ahead."

 

Definition

 

a - As measured by the CGA Business Tracker.

 

For further information, please contact:

 

 Tim Jones - Chief Financial Officer                          +44 (0)121 498 6112
 Amy de Marsac - Investor Relations                           +44 (0)121 498 6514
 James Murgatroyd (FGS Global)                                +44 (0)20 7251 3801

 

 

Note for editors:

Mitchells & Butlers is a leading operator of managed restaurants and pubs.
Its 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, Ember Inns, Ego
Restaurants and Pesto. In addition, it operates Innkeeper's Collection 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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