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 - the last year unaffected by the pandemic. Mitchells & Butlers operates c.1,650 managed freehold pubs which are predominantly UK based - around 4% of the total 41k 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
Total sales across the FY 2021 were £1,065m reflecting the restrictions on trade and a total of 18 weeks of mandated closure. Statutory operating profit of £81m (FY 2020 £8m) was generated, with adjusted operating profit of £29m reflecting the strong return to profitability the business made when sites reopened.
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.