MITCHELLS & BUTLERS PLC
LEI no: 213800JHYNDNB1NS2W10
18 May 2022
HALF YEAR RESULTS
(For the 28 weeks ended 9 April 2022)
Highlights
|
– |
Like-for-like a sales growth of 1.0% over the first half versus FY 2019 (pre Covid-19) |
|
– |
Encouraging progress in like-for-like a sales growth of 3.8% versus FY 2019 through the second quarter |
|
– |
Challenging cost environment partially mitigated through capital and Ignite programmes |
|
– |
Commitment to reducing the environmental impact of the business with updated targets |
Reported results
|
– – – |
Total revenue of £1,159m (HY 2021 £219m) Operating profit of £121m (HY 2021 £(132)m loss) Profit before tax of £57m (HY 2021 £(200)m loss) |
|
– |
Basic earnings per share of 7.7p (HY 2021 (33.0)p loss)
|
Trading results
|
– |
Adjusted operating profita £120m (HY 2021 £(124)m loss) |
|
– |
Adjusted earnings per sharea 7.6p (HY 2021 (31.8)p loss) |
Balance sheet and cash flow
|
– |
Cash inflow before bond amortisation of £22m (HY 2021 inflow £35m) |
|
– |
Net debta reduced to £1,253m (HY 2021 £1,472m), excluding £483m of IFRS 16 lease liabilities (HY 2021 £541m) |
Phil Urban, Chief Executive, commented:
“We are encouraged by the improvement in sales trajectory through the first half of the year, having made progress in each of our markets, with our food-led businesses continuing to lead the way.
The trading environment remains difficult. Cost headwinds present a significant challenge to the industry, particularly those costs related to utilities, wages and food. In light of this, our teams have refocused their efforts on driving further efficiency and productivity gains through our Ignite programme. In parallel, we are pushing forward with our capital investment plan which we are pleased to see delivering strong sales uplifts.
The fundamental strengths of the business remain, and we are well positioned to continue on our trajectory of recovery following the pandemic.”