Mitchells & Butlers PLC Fourth Quarter Trading Update (0729B)
29 Settembre 2022 - 08:00AM
UK Regulatory
TIDMMAB
RNS Number : 0729B
Mitchells & Butlers PLC
29 September 2022
29 September 2022
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Fourth Quarter Trading Update
Trading statement covering the 52 weeks ended 24 September
2022.
Sales
Sales comparisons are on a three-year basis, to the same period
in FY 2019, the last full financial year before Covid-19.
Like-for-like sales improved in the fourth quarter, despite the
ongoing impact of extreme heat as well as further rail strikes,
both of which disrupted trade. Sales over the August bank holiday
were encouraging, with like-for-like growth over the three-day
weekend of over 6%, before returning to levels consistent with the
quarter as a whole. Growth continues to be driven by food sales
with the strongest performances in our premium, food-led
brands.
Like-for-like sales growth/(decline) against FY 2019:
Wks 1-15 Wks 16-28 Wks 29-42 Wks 43-52 Wks 1-52
Q1 Q2 Q3 Q4
Food 5.2% 8.9% 2.9% 4.1% 5.2%
Drink (9.1)% (4.2)% (1.3)% (1.0)% (4.1)%
Total (1.5)% 3.8% 0.9% 1.5% 1.1%
Total excl. (5.5)% 0.2% 0.9% 1.5% (0.9)%
VAT benefit
Total sales have declined by 1.3% in the year driven mainly by
temporary covid-related closures in the first part of the year and
site disposals since FY 2019 .
Operating costs and margins
Inflationary cost pressures presented an increasing challenge
both to our business and to the hospitality sector as a whole
through the second half of the year, initially concentrated in the
areas of energy, wages and food costs but are now evident
throughout most of the supply chain.
The recent announcements of domestic and business energy price
caps are welcomed both due to the impact on guest disposable
income, and the reduction of cost downside to the business from
potential further adverse market price increases. However, we
expect our total energy and utility costs to have increased to
c.GBP150m for FY 2022 (FY 2019: GBP80m) and even with the cap in
place anticipate a further increase on that for FY 2023. That is
despite several initiatives underway to reduce our ongoing energy
usage, including greater focus and review at a site level on energy
efficiency, combined with investment initiatives such as the
installation of voltage optimisers. We have currently bought
forward approximately 20% of our requirements for the next
financial year.
We continue to work very hard to mitigate as much of the impact
of these cost increases as we can, both through driving sales
growth and identifying and implementing further cost efficiencies
in the business executed under our Ignite programme of work.
Balance Sheet and Investments
The group currently has cash balances of c.GBP160m, in addition
to undrawn committed unsecured facilities of GBP150m.
We remain committed to investing in enhancing the
competitiveness of our estate. We have completed 166 conversions
and remodels in the financial year to date.
Phil Urban, Chief Executive, commented:
"The trading environment for the hospitality sector remains very
challenging, with cost inflation putting increasing pressure on
margins, and we are also mindful of the pressures on the UK
consumer over the coming months.
We remain focused on the delivery of our Ignite programme of
initiatives, driving sales and delivering cost efficiencies. This
will, combined with our diverse portfolio of well-known brands and
strong estate locations, put us in a stronger competitive position
to face the challenges ahead."
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 and Ember Inns. 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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