Mitchells & Butlers plc is a member of the FTSE 250 and runs some of the UK's best-loved restaurant and pub brands including All Bar One, Browns, Harvester, Miller & Carter, Nicholson's, Sizzling Pubs, Toby Carvery and Vintage Inns. Our vision is to run businesses that guests love to eat and drink in, and as a result grow shareholder value.
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Mitchells & Butlers is one of the largest operators of managed restaurants and pubs in the UK. It listed on the London Stock Exchange in April 2003 and is a member of the FTSE 250. Its restaurants and pubs have some of the highest average sales and profits per site in the industry and it operates the best portfolio of brands in the UK, with a focus on growth in the eating-out market.
The total eating and drinking out markets have a combined value of around £80bn. Mitchells & Butlers operates c.1,800 predominantly UK managed freehold pubs, 3.5% of the total 52,000 pubs in the UK.
We have a clear operational strategy built around 3 strategic priorities, namely:
- Re-balancing our estate by
- Refining our brand propositions
- Converting under-performing assets into our Premium and most successful formats
- Accelerating the refurbishment programme in the mid-market
- Re-introducing a commercial edge with a focus on profitable sales and conversion to the bottom line
- Increasing the pace of innovation and execution:
- Through our technology
- Improving our digital marketing
- Re-addressing our new concept and product development
In the first half of 2016, Michells & Butlers delivered earnings growth of 9% despite an ongoing challenging trading environment. Sales were down 1.5% as a result of like-for-like sales declines, offest in part by the contribution from new sites. Adjusted operating profit increased by 2.0% to £156m reflecting margin at 14.2%.
The Board is responsible for ensuring compliance with the Combined Code and recognises the importance of good corporate governance in creating a sustainable, successful and profitable business. This includes reviewing internal controls, ensuring that there is an appropriate balance of skills and experience represented on the Board and maintaining relations with shareholders.