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19/05/2021

Half Year Results 2021

Mitchells & Butlers company news

(For the 28 weeks ended 10 April 2021)

Highlights

  • Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements
  • Confident of emerging in a position of strength as restrictions are eased
  • Almost all sites now open, trading indoors and outdoors

Reported results

  • Total revenue of £219m (HY 2020 £1,039m)
  • Operating loss of £132m (HY 2020 loss £51m)
  • Loss before tax of £200m (HY 2020 loss £121m)
  • Basic loss per share of (33.0)p (HY 2020 (22.6)p as restated)

Trading results

  • First half again dominated by Covid-19, with only 14 weeks of restricted trading permitted
  • Like-for-like salesa restricted to a decline of 30.1% against pre Covid-19 levels
  • Adjusted operating (loss)/profita £(124)m (HY 2020 £108m)
  • Adjusted (loss)/earnings per sharea (31.8)p (HY 2020 6.5p as restated)

Balance sheet and cash flow

  • Unsecured committed financing facilities of £150m to February 2024
  • Extended covenant waivers and then amendments in place for the securitisation until January 2023
  • Cash outflow of £(16)m (HY 2020 inflow £58m), including gross equity proceeds of £351m
  • Net debt of £2,014m (HY 2020 £2,158m), including £542m of IFRS 16 lease liabilities (HY 2020 £543m)

Phil Urban, Chief Executive, commented:

"M&B was a high performing business coming into the pandemic. With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position and look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability.

With our great estate, well diversified portfolio of brands and proven management team, we look forward to welcoming back our guests for great experiences in Covid-19 secure environments and focusing the business once again on continually enhancing our customer proposition while driving efficiencies through the Ignite programme."

Definitions

a - The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance. APMs are explained later in this announcement.

There will be a conference call held today at 9:15am accessible by phone on 0203 936 2999, access code: 327499 and www.incommuk.com/customers/online access code: 327499. The slides will also be available on the website at www.mbplc.com. The replay will be available until 2 June 2021 on 0203 936 3001, access code: 686064.

All disclosed documents relating to these results are available on the Group's website at www.mbplc.com

For further information, please contact:

Tim Jones - Chief Financial Officer+44(0)121 498 6112
Gabby Shilvock - Investor Relations+44(0)121 498 6514
James Murgatroyd (Finsbury)+44(0)20 7251 3801

Note for editors:

Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's and Ember Inns. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.

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