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.

Investor Overview

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.

Market

The total eating and drinking out markets have a combined value of around £80bn. Mitchells & Butlers operates c.1,750 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.