TIDMMAB
RNS Number : 3242H
Mitchells & Butlers PLC
27 July 2023
27 July 2023
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Third Quarter Trading Update
Trading statement covering the 43 weeks ended 22 July 2023.
Sales
Sales comparisons, unless otherwise stated, are to the same
period in FY 2022.
Continued strong trading through the third quarter has increased
like-for-like sales in the year to date to 8.9%, with total sales
growth now of 10.5%.
Like-for-like sales:
W1-15 W16-28 W1-28 W29-43 W1-43
Q1 Q2 H1 Q3 YTD
Food 6.4% 5.2% 5.8% 11.6% 7.9%
Drink 15.5% 9.9% 12.8% 7.4% 10.7%
Total 10.4% 6.4% 8.5% 9.7% 8.9%
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Like-for-like sales in the third quarter increased by 9.7%, as
we continued to out-perform the market(a) and with both food and
drink volumes in growth. We achieved a record-breaking Father's Day
in June and sales performance across the quarter was relatively
consistent outside of weeks impacted by industrial action on
national transport systems.
Against FY 2019, year-to-date like-for-like sales are up 10.0%,
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 116 conversions and remodels and opened 4
new sites.
In June 2023 we completed the acquisition of the remaining 60%
in 3Sixty Restaurants Limited, owners of Ego Restaurants. Ego is a
collection of Mediterranean inspired pubs and restaurants where
guests can enjoy freshly cooked food, cocktails, cask ales and wine
from across the Continent. It currently has 26 sites, including 16
that are leased from Mitchells & Butlers.
Banking Facilities
We have successfully refinanced our unsecured debt facilities
which were due to expire in February 2024. The new Revolving Credit
Facility ('RCF') has been increased in size to GBP200m based on a
wider banking group, including the continued support of all
existing banks, and extends for a further three years to July 2026.
The RCF remains unsecured, with a negative pledge in favour of
participating banks, and is based on two main financial covenants -
net debt to ebitda to not exceed 3.0 times (as before) and ebitdar
to rent plus interest of not less than 1.25 times (reduced from 1.5
times). The facility is undrawn at the current time.
Pensions
We are delighted to announce that the trustees of the M&B
Main Pension Plan, working closely with the Company, have now
successfully completed a full scheme buy-in with Standard Life.
This transaction follows on from the completion of the buy-in of
the Executive Plan announced last year and eliminates substantially
all remaining pensions risk in the group.
Committed contributions are all being made into blocked escrow
accounts and, after many years, will cease altogether in September
this year.
Outlook
There are indications that cost inflation is now starting to
abate such that the current year cost headwind should be at the
bottom end of the 10-12% range previously identified. We are
working hard to mitigate these pressures as far as we are able,
both through driving sales growth and implementing efficiencies,
which should allow margins to start to rebuild towards pre-covid
levels from next year.
Whilst we remain mindful of the challenging macroeconomic
environment, and pressures on the consumer in particular, an
improving cost outlook and continued strong trading through the
third quarter give us confidence that the current year outturn will
be at the top end of consensus expectations, with continued
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 very pleased to report continued strong like-for-like
sales growth through the quarter based on out-performance against
the market (a) and underpinned by volume growth in both food and
drink.
We remain focused on our Ignite programme of initiatives and our
successful capital investment programme, driving cost efficiencies
and increased sales. Combined with our diverse portfolio of
established brands, value proposition and enviable estate
locations, we believe this leaves us well positioned to continue to
outperform the sector (a) and deliver a strong full year
performance."
Definitions
a - As measured by the Coffer 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 (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 .
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END
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July 27, 2023 02:00 ET (06:00 GMT)
Mitchells & Butlers (LSE:MAB)
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Mitchells & Butlers (LSE:MAB)
過去 株価チャート
から 6 2023 まで 6 2024