M&B reported H1 FY16 results (28 weeks ended 9 April 2016) below our estimates. The lfl revenue growth declined by 1.6% (Q2 16: -2.6% vs Q1 16: - 1.5%, FY15: +1% and our estimate: -0.8%), driven down by a c.5% volume decline in both the food (lfl revenue: -2% yoy) and drinks (lfl revenue: -1.5% yoy) businesses. Total revenue also decreased by 1.5% (vs H1 15: +9.5%; our estimate: -0.3%) due to ‘zero net pub addition’ during the period (additions: 5, disposals: 4, and transfers:
25 Jul 2016
Credible turnaround plan; Brexit spoils the party
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Credible turnaround plan; Brexit spoils the party
Mitchells & Butlers plc (MAB:LON) | 238 1.2 0.2% | Mkt Cap: 1,423m
- Published:
25 Jul 2016 -
Author:
Nishant Choudhary -
Pages:
4
M&B reported H1 FY16 results (28 weeks ended 9 April 2016) below our estimates. The lfl revenue growth declined by 1.6% (Q2 16: -2.6% vs Q1 16: - 1.5%, FY15: +1% and our estimate: -0.8%), driven down by a c.5% volume decline in both the food (lfl revenue: -2% yoy) and drinks (lfl revenue: -1.5% yoy) businesses. Total revenue also decreased by 1.5% (vs H1 15: +9.5%; our estimate: -0.3%) due to ‘zero net pub addition’ during the period (additions: 5, disposals: 4, and transfers: