REG - Mitchells & Butlers - Fourth Quarter Trading Update

Mitchells & ButlersAnnouncement

28/09/2023 07:00

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RNS Number : 9064N  Mitchells & Butlers PLC  28 September 2023

28 September 2023

 

 

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

 

Fourth Quarter Trading Update

 

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%.

 

Like-for-like sales:

        Wks 1-15  Wks 16-28  Wks 29-43  Wks 44-52  Wks 1-52

        Q1        Q2         Q3         Q4
 Food   6.4%      5.2%       11.6%      11.6%      8.6%
 Drink  15.5%     9.9%       7.4%       6.4%       9.9%

 Total  10.4%     6.4%       9.7%       9.7%       9.1%

 

Like-for-like sales in the fourth quarter increased by 9.7% supported by
sustained growth in both food and drink volumes and reflecting an increasing
out-performance against the market(a).

 

Against FY 2019, year-to-date like-for-like sales are up 10.5%, with growth
driven by spend-per-head.

 

Investments

We continue to focus on investment in the estate and in the year to date we
have completed 142 conversions and remodels, including two to the newly
acquired Ego brand, in addition to opening 4 new sites.

 

Outlook

Cost headwinds are abating and remain at the bottom end of the range
previously identified. We remain mindful of the challenging macroeconomic
environment and pressures on the consumer however, as trading continues to be
strong, we have confidence that the current year outturn will be at the top
end of consensus expectations, with momentum into FY 2024.

 

The current financial year will be a 53-week accounting year to 30 September
2023.

 

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."

Definitions

a - As measured by the Coffer CGA Business Tracker

 

For further information, please contact:

 

 Tim Jones - CFO                     +44 (0)121 498 6112
 Amy de Marsac - Investor Relations  +44 (0)121 498 6514
 James Murgatroyd (Finsbury)         +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 and Ego
Restaurants. 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 (http://www.mbplc.com/imagelibrary) .

 

 

 

 

 

 

 

 

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