Mitchells & Butlers plc AGM Trading Statement
Trading statement covering the 17 weeks ended 23 January 2016.
Trading over the festive period was encouraging, with like-for-like sales growth of 2.0% in the two weeks of Christmas and New Year.
Like-for-like trading performance since the last update is set out below.
|Like-for-like sales||8 weeks to
21 November 2015
|9 weeks to
23 January 2016
|17 weeks to
23 January 2016
Over the financial year to date total sales have fallen by 0.8% but operating margins are ahead of the prior year.
We have acquired 2 new sites and converted 12 in the financial year to date, including a further 10 Orchid conversions. We have also accelerated our remodel programme to revitalise and reposition the estate, with 76 completed so far this year.
Phil Urban, Chief Executive, commented:
"We had a good Christmas, recording growth across the period and also delivering our best ever trading day. Whilst trading conditions remain tough, particularly as we go into the post-holiday season, we are acting with pace to drive our business priorities – building a more balanced business, developing our commercial culture and increasing the speed of execution and innovation."
For further information, please contact:
|Tim Jones – Finance Director||+44 (0)121 498 6112|
|James Cooper – Investor Relations||+44 (0)121 498 4525|
|James Murgatroyd (Finsbury)||+44 (0)20 7251 3801|
Notes for editors:
- Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its strong portfolio of brands and formats includes Harvester, Toby Carvery, Country Pubs, Sizzling Pubs, Crown Carveries, Oak Tree Pubs, All Bar One, Browns, Miller & Carter, Castle, Alex, Nicholson's, O'Neill's and Ember Inns. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.
- Mitchells & Butlers serves around 140 million meals and 430 million drinks each year and is one of the largest operators within the UK's £80 billion eating and drinking out market.