26 September 2024
Mitchells & Butlers
plc
LEI no.
213800JHYNDNB1NS2W10
Pre-Close Trading
Update
Trading statement covering the 51
weeks ended 21 September 2024.
Sales
Sales growth has remained ahead of
the marketa through the fourth quarter, with like-for-like sales growth of
5.2% in the year to date and all brands in growth. The rate of
growth in the fourth quarter continues to reflect a progressive
easing of the inflationary environment, as well as an unseasonally
cool and wet summer period and the disruption caused by riots in
city centres during August.
Like-for-like sales:
|
Weeks
1-15
Q1
|
Weeks
16-28
Q2
|
Weeks
29-42
Q3
|
Weeks 43-51
Q4
|
Weeks 1-51
YTD
|
Food
|
8.7%
|
6.6%
|
2.6%
|
2.0%
|
5.3%
|
Drink
|
6.6%
|
5.3%
|
4.0%
|
3.0%
|
4.9%
|
|
|
|
|
|
|
Total
|
7.7%
|
6.1%
|
3.4%
|
2.5%
|
5.2%
|
Total sales in the year to date have
increased by 5.9%.
Investments
We continue to focus on investment
in the estate and in the year to date we have completed 185
conversions and remodels and have opened six new sites in addition
to the continued rollout of a number of initiatives to reduce
energy usage, such as solar panels and sensors.
Outlook
Net cost headwinds will reduce to
c£55m this financial year with increases in labour costs
substantially mitigated by deflation in our energy costs, but also
slowing food cost inflation and strong cost control at site
level.
Coupled with a robust sales
performance, ahead of the market, we remain confident in the
delivery of a full year result at the upper end of consensus
expectations.
The current financial year will be a
52-week accounting year to 28 September 2024.
Phil Urban, Chief Executive,
commented:
"Sales growth has continued to
normalise as inflationary cost pressures ease whilst our diverse
portfolio of established brands and advantaged estate locations
underpin our outperformance against the market. We enter the
new financial year armed with a fresh wave
of initiatives under our Ignite programme and a full capital
investment programme planned to deliver cost efficiencies,
increased sales and to further drive market out-performance and
increasing profitability."
Definitions
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,
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.