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 marketa,
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
16
November 2024
|
8 weeks
to
11
January 2025
|
15 weeks to
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.
