City news

Mitchells and Butlers revenue down 1.3%

By James Evison contact

- Last updated on GMT

Mitchells and Butlers revenue down 1.3%

Related tags: Generally accepted accounting principles, Rate of return

Mitchells and Butlers' half year results revealed that total revenue was £1,096m - down 1.5%.

The results for the 28 weeks to 9 April also showed a sales uplift from invested sites in excess of 10% in the first year, which was offset by the decline in the uninvested estate. This produced an overall like-for-like sales decline of 1.6%.

Profit

Operating profit was up 2.0% to £156m and the pubco's profit before tax was £83m.

It reported there had been four new site openings and 22 conversions during the period - with capital expenditure at £88m.

In terms of the pubco's debt, it reported £1.86bn.

Chief

Phil Urban, Chief Executive, said: “In the first half we increased our adjusted earnings by 9.0%. However, in order to accelerate the trading performance of the group there is much to do in our three priority areas: building a more balanced business; instilling a more commercial culture; and increasing the pace of execution and innovation.

"During the last six months we have completed a review of our strategic options. I am very clear that our best route for delivering sustainable returns for our shareholders is through the acceleration of organic growth: to maximise the return on the high-quality assets we own.

"Our plan, to reshape the estate and innovate in both existing and new offers for our guests, is now well under way and I have every confidence in its success.”

Related topics: Mitchells & Butlers

Related news

Show more