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, Ember Inns, Harvester, Miller & Carter, Nicholson's, Sizzling Pubs, Toby Carvery and Vintage Inns.
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Mitchells & Butlers is a leading operator 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.
The total eating and drinking out markets had a combined value of around £90bn in 2019. Mitchells & Butlers operates c.1,650 managed freehold pubs which are predominantly UK based - around 3.5% of the total 47k pubs in the UK.
We have a clear operational strategy built around 3 strategic priorities:
- Building a balanced business
- Instilling a commercial culture
- Driving an innovation agenda
FY 2020 has been dominated by the impact Covid-19 has had on the organisation and the wider industry. Like-for-like sales over the period declined by 3.5% with a strong start to the year superseded by the subsequent impact of a prolonged period of enforced closure and social distancing restrictions in response to Covid-19. Total sales of £1,475m declined by 34.1% reflecting the closure period from 20 March to 4 July.
Adjusted operating profit of £99m declined by 68.8% and a statutory loss before tax of £(123)m was recognised for the period.
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.
Trading statement covering the 43 weeks ended 24 July 2021.