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(Alliance News) - Mitchells & Butlers PLC said Wednesday that it remained confident of a recovery as lockdown restrictions are eased and pubs reopen.
The pubs, bars and restaurants operator said it was "confident of emerging in a position of strength as restrictions are eased", after it posted a drop in revenue for the 28 weeks ended April 10.
Revenue for the half-year fell to GBP219 million from GBP1.04 billion a year prior. Like-for-like sales were down 30% from pre-Covid levels, after only 14 weeks of restricted trading was permitted within the past six months.
The Birmingham-based firm posted a pretax loss of GBP200 million, widened year-on-year from GBP121 million. Net debt was cut 6.7% to GBP2.01 billion as at April 10, following a successful GBP351 million equity raise and the refinancing of debt arrangements.
Chief Executive Phil Urban said: "M&B was a high performing business coming into the pandemic. With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position and look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability."
Mitchells & Butlers said that virtually all sites were now open and that it was seeing "strong levels of bookings and demand". Although it did not provide any forward guidance, the company noted that strong consumer confidence in its brands would help it "rebound to profitability and cash generation once restrictions are fully eased".
Mitchells & Butlers shares were trading 3.1% lower in London on Wednesday at 300.40 pence each.
By Will Paige; willpaige@alliancenews.com
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