Mitchells & Butlers PLC (LSE:MAB)
£ 2.635 0.03 (1.15%) Market Cap: 1.56 Bil Enterprise Value: 3.23 Bil PE Ratio: 0 PB Ratio: 0.73 GF Score: 73/100
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Full Year 2022 Mitchells & Butlers PLC Earnings Call Transcript

Dec 07, 2022 / 08:30AM GMT
Release Date Price: £1.51 (+6.48%)
Philip Urban
Mitchells & Butlers plc - CEO & Director

All right. Good morning, ladies and gentlemen. Following COVID-19, and of course, all the associated lockdowns, the continuing fallout from the war in Ukraine has fully made the macro landscape challenging to say the least. But despite that, we're actually quite pleased with the progress that the business has made. And had it not been for the eye watering increases in utility costs last year, we would all but recover to pre-COVID levels of profit last year despite the Omicron variant, which wiped out the most crucial festive season, despite the other exceptionally high cost increases, despite the delivery issues and despite the well-reported people issues that we had to contend with.

We've also started the year, as you will have seen very strongly with 6.5% like-for-like sales growth over the first 10 weeks, which is incidentally 9.2% up against 2019. So they are the reasons why we're very pleased with the progress that the business is making.

We're trading ahead of the market again consistently. We have a solid capital

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