Investors
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.
Find every Mitchells & Butlers announcement, and presentation at our Information Centre.
Market
The total eating and drinking out markets have a combined value of around £80bn. Mitchells & Butlers operates c.1,600 predominantly UK managed freehold pubs, 3.5% of the total 50k pubs in the UK.
Strategy
We have a clear operational strategy built around 3 strategic priorities:
- Building a balanced business
- Instilling a commercial culture
- Driving an innovation agenda
Performance
During the first half we continued to deliver like-for-like sales growth against a period of growth last year. This strong underlying performance comes from the progress we continue to make in our three priority areas: building a more balanced business; instilling a more commercial culture; and driving an innovation agenda.
Success in this market is dependent on a continuous stream of improvements, and that is what we are focused on delivering. We have therefore embarked upon a new wave of initiatives which are in their early stages of development, and we believe have the potential to further transform the business.
As previously announced, margins are being adversely impacted by increased costs, most notably from wage inflation, property costs and energy. In light of this, our operational teams have performed well to deliver flat underlying profitability in the period.
Corporate Governance
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.
Company News

Mitchells & Butlers plc Annual report and accounts 2018
Annual report and accounts now available to view or download