2nd Jul 2020 08:56
(Alliance News) - Mitchells & Butlers PLC on Thursday said it is looking forward to reopening of its pub estate as lockdown, caused by Covid-19, hurt its performance in the first half of its current financial year.
The Birmingham, England-based pub company reported revenue for the 28 weeks to April 11 was GBP1.04 billion, down from GBP1.19 billion recorded a year prior, resulting in a pretax loss of GBP121 million versus a GBP75 million profit.
"The business was performing very well before the enforced closure in response to Covid-19, building on the strengths of our estate of mainly freehold properties, our diversified and well-loved brands and our team's industry leading operational skills," explained Chief Executive Phil Urban.
Prior to the lockdown, like-for-like sales growth was 2.6% in the first quarter, which was followed by a period of softer sales due to the stormy weather, but the company said it remained 1% ahead of the market.
At this time, Mitchells & Butlers's business remains closed under government rules to limit the spread of Covid-19.
Going forward, the company said it is working to an early July date for English sites to re-open, with Wales and Scotland following over the next two weeks and have developed a detailed re-opening plan for the business.
"These assets, coupled with our early experience of re-opening in Germany, give us a clear plan for re-opening and ensure that we are well placed to continue to bring people and communities together and to keep Mitchells & Butlers at the forefront of the eating and drinking-out market," concluded Urban.
FTSE 250-listed Mitchells & Butlers shares were trading 1.2% higher in London on Thursday at 193.96 pence each.
By Evelina Grecenko; [email protected]
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