Business
Pre Close Trading Update
Pre Close Trading Update.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n RNS Number : 1572T Mitchells & Butlers PLC 23 September 2010 \n \n\n \n23 September 2010\n \nMitchells & Butlers plc\nPre Close Trading Update\n \nMitchells & Butlers announces its pre close trading update for the period to 18 September 2010. Like-for-like sales were as follows:\n \n\n\n\n\nLike-for-like sales\n\n\nQ3 IMS\n\n\nCurrent Trading\n\n\nTotal\n\n\n\n\n\n\n\n42 weeks \nto 17 July\n\n\n9 weeks \nto 18 September\n\n\n51 weeks \nto 18 September\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal\n\n\n1.6%\n\n\n3.6%\n\n\n2.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRetained estate\n\n\n2.4%\n\n\n4.4%\n\n\n2.8%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFood\n\n\n3.9%\n\n\n7.0%\n\n\n4.5%\n\n\n\n\nDrink\n\n\n0.4%\n\n\n1.3%\n\n\n0.5%\n\n\n\n\nNotes: Total like-for-like sales include other non food and drink categories\n Retained estate excludes the major disposals of 333 non core pubs, Lodges and Hollywood Bowl \n Food and drink like-for-like sales are in respect of the total estate\n \nTrading - 9 weeks to 18 September 2010\n \n· Company like-for-like sales increased by 3.6%. \n· Like-for-like sales for the retained business grew by 4.4%.\n· In the retained business, like-for-like food sales rose by 7.1% and drink by 2.2%. \n \nTrading - 51 weeks to 18 September 2010\n \n· Company like-for-like sales growth was 2.0%.\n· For the retained estate, like-for-like sales increased by 2.8%.\n· Retail sales rose by 0.7% (this excludes £7m of SCPD sales).\n \nMargins\n \n· The Board expects Retail operating margins to be approximately 16.5%, 1.2% points higher than last year.\n \nDisposals and Debt \n \n· In addition to the c.£500m from major disposals, the Company has sold or exchanged contracts on £54m of disposals, mainly from the sale of 44 individual pubs, at an average EBITDA multiple of over 15x.\n· Net debt will be approximately £2.3bn at t...