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 have a combined value of around £90bn. Mitchells & Butlers operates c.1,650 managed freehold pubs which are predominantly UK based - around 3.5% of the total 48k 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 2019 was a strong year for Mitchells & Butlers. The work we have undertaken, principally through our Ignite programme of initiatives, is driving a strong trading performance and generating profit growth whist we continue to invest in our estate and pay down debt.
Like-for-like sales grew by 3.5%, with strong performance across all of our brands contributing to continued, consistent outperformance of the market. Within this, our uninvested estate grew by 1.5% demonstrating breadth of performance across our portfolio. Total sales grew by 3.9% over the year.
Adjusted operating profit of £317m grew by £14m against last year. Ignite initiatives focusing on sales and efficiency enhancements have resulted in operating margin growth of 0.1ppts, despite the inflationary cost headwinds which continue to impact our sector. On a statutory basis, profit before tax of £177m grew by 36.2% against last year.
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.