Mitchells & Butlers FY18 Profit Rises, Revenues Weak; 7-week LFL Sales Up

(RTTNews) - Mitchells & Butlers Plc. (MAB.L, MLB), an operator of managed restaurants and pubs, reported Thursday that its fiscal 2018 profit before tax climbed to 130 million pounds from last year's 77 million pounds, reflecting one-time items.

Basic earnings per share were 24.5 pence, compared to 15.1 pence last year. The prior year was a 53 week period.

Adjusted profit before tax was 178 million pounds, compared to last year's 180 million pounds on a 52 week basis. Adjusted earnings per share were 34.1 pence, compared to 34.4 percent last year.

Operating profit grew to 255 million pounds from 208 million pounds last year. Adjusted operating profit dropped 1.6 percent on a 52-week basis to 303 million pounds.

Total revenue edged down to 2.152 billion pounds from prior year's 2.180 billion pounds. Total sales grew 0.5% on a 52 week basis.

Full-year like-for-like sales growth was 1.3%, despite extended periods of snow, unusually hot weather in the summer and England's prolonged success in the FIFA World Cup.

Regarding the current trading, the company said that in the first seven weeks of the new financial year, like-for-like sales have grown by 2.2%.

Further, the company said its Board does not propose a final dividend for the year

In London, Mitchells & Butlers shares were trading at 262.60 pence, down 1.87%.