19 May 2021 | 07:26am
StockMarketWire.com - Pub company Mitchells & Butlers booked a deeper first-half loss after the pandemic forced the temporary closure of its estate.
Pre-tax losses for the six months through March amounted to £200 million, compared to year-on-year losses of £121 million. Revenue tumbled 79% to £219 million.
Mitchells & Butlers said almost all of its sites were now open, trading indoors and outdoors.
The company was a high performing business coming into the pandemic, chief executive Phil Urban said. 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.
22 February 2021 | 07:08am
StockMarketWire.com - Pub group Mitchells & Butlers, while launching a planned £350 million equity raising, said its sales had fallen sharply due to the UK s Covid-19 lockdown.
Managed sales between 27 September and 16 January had dropped 70% year-on-year, the company said.
On a like-for-like basis for sites when open, excluding periods of closure trading was down 30%.
Mitchells & Butlers said none of its sites had been open since the government announced fresh lockdown measures on 30 December.
The company had a cash balance of £113 million at 16 January with all facilities drawn.
Monthly pension contributions from January to March, inclusive, would be delayed, with these becoming due in April.