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, 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.1,800 predominantly UK managed freehold pubs, 3.5% of the total 51,000 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

Over the last year, we have seen a steady improvement in our rate of like-for-like sales performance, both compared to where we were and relative to the wider market. Our like-for-like sales in the year-to-date, including Easter, have now increased by 1.9%.

We have increased the level of capital investment in the estate, reducing the remodel life cycle closer to an average of 6 to 7 years. This is clearly helping our sales growth. However, we have also seen a marked improvement in the trajectory of the uninvested business over this time, suggesting the many other initiatives we have been working on are also now starting to benefit the business. We believe that by working hard to make a large number of marginal improvements across all areas of the business, we will continue to improve our performance.

We will continue to work on multiple fronts to maintain the good progress that we have achieved over the last twelve months.

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.