Mitchells & Butlers H1 Pre-tax Profit Declines - Quick Facts

(RTTNews) - Mitchells & Butlers Plc (MAB.L, MLB) reported that its profit before tax for the 28 weeks ended 14 April 2018 declined to 69 million pounds from 75 million pounds in the same period last year.

Profit for the period was 55 million pounds or 13.0 pence per share, down from 57 million pounds or 13.7 pence per share in the prior year.

Adjusted earnings per share were 13.9 pence, compared to 15.2 pence last year.

The Group's total revenues for the period rose to 1.130 billion pounds from 1.123 billion pounds a year ago, with growth in like-for-like sales partially offset by the impact of disposals made in the previous financial year.

Total like-for-like sales grew by 1.6 percent in the first half, with food sales up by 1.8 percent and drink sales by 1.4 percent.

Since the half-year trading has been strong, aided by good weather, and like-for-like sales in the 32 weeks to 12 May have grown by 1.4 percent.

As previously announced, the company said its Board is not declaring an interim dividend, but will make an assessment of pay-out at the end of the year based on a full year of trading and development of the sector outlook.

Looking ahead, Mitchells & Butlers said it made good progress against its three priorities so far this year and will refine and embed its next wave of initiatives during the second half.

In an uncertain environment and due to unrelenting cost headwinds, the company said its focus remains on delivering its strategy with the aim of returning the company to profitable growth and maximizing long-term shareholder value.