22nd Sep 2015 07:26
LONDON (Alliance News) - Pubs and restaurants group Mitchells & Butlers PLC saw its shares sink in early trade after it said its full-year results will be at the bottom end of market expectations.
The company said the UK eating and drinking out market has been subdued over the summer months, which has resulted in a slowdown in sales growth which has been exacerbated by the wet weather conditions. The group said its like-for-like sales were down 0.7% in the 7 weeks to September 12, a slowdown on the 1.3% growth in the 43 weeks to July 25 and leaving its like-for-like sales growth in the 50 weeks to September 12 at 1.0%.
The group said that despite the slow market conditions, it is continuing with its plans for the business and said it remains confident on its outlook.
Mitchells & Butlers also said it has appointed Phil Urban as its new chief executive officer, effective from September 27. He joined the company in January as chief operating officer, having previously been the managing director of Grosvenor Casinos, a unit of Rank Group PLC.
Shares in Mitchells & Butlers were down 3.7% to 338.5 pence just after the open on Tuesday, one of the worst performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Mitchells & Butlers