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  • 18 May 22
Sales improving gradually; inflationary headwinds to intensify!

M&B’s H1 FY21/22 performance was below our expectations. Although the Q2 lfl sales remained healthy, profitability suffered due to inflationary cost headwinds. The volume decline was more than offset by premiumisation and an increased spend per person. While M&B’s market outperformance is likely to continue, we expect the margin pressure to increase further, especially in the near-term. We will trim our financial estimates but maintain our positive stance based on the stock’s valuation.

Companies: Mitchells & Butlers plc
  • 14 Jan 22
Q1 trading mired by weak Christmas and inflationary headwinds

M&B’s Q1 trading performance was in line with our expectations. The group’s lfl sales were quite strong (led by the food segment) until the surge in COVID-19 infections in December 2021. Despite a weak show during the Christmas trading period, we reiterate that the publican is well placed to clock top-line growth as the pandemic subsides. Cost inflation is also a headwind but M&B is better positioned to bear the brunt due to its premium positioning. Positive recommendation is reconfirmed.

Companies: Mitchells & Butlers plc
  • 25 Nov 21
Strong end of FY20/21; margins under pressure

M&B’s has announced a strong closure to FY20/21. The adjusted EPS came in much ahead of both our and market consensus. The publican has also made a good start to FY21/22, with 2.7% lfl growth (vs same period in FY19). In the coming few quarters, we expect M&B to perform ahead of close competitors, in turn gaining market share. Positive stock recommendation is maintained on the UK-based publican.

Companies: Mitchells & Butlers plc
  • 23 Sep 21
A decent closure to FY20/21

There were no surprises in M&B’s pre-close trading performance (51 weeks ended 18 September 2021). Lfl sales in the recent 8 weeks came in at 104% of FY19 levels. Management has confirmed that the momentum is still strong in sub-urban and food-led brands, particularly at the premium estate. However, we expect margin pressure due to ongoing supply chain issues and the surge in input costs (raw material price, labour costs). Positive recommendation is maintained on the stock’s valuation.

Companies: Mitchells & Butlers plc
  • 30 Jul 21
Still grappling to find its feet!

There were no surprises in M&B’s Q3 trading results. The lfl sales improved gradually since the lockdown restrictions were eased in the UK. The publican also fared slightly ahead of close competitors. The focus now shifts to the profitability details which management will share with the full-year numbers. Our thesis factors in the probability that the pandemic will not worsen in the coming quarters. Positive recommendation maintained on the stock’s valuation.

Companies: Mitchells & Butlers plc
  • 15 Feb 21
Market Report: Pound gets boost as phase II of vaccine roll out begins after 15mln jab target is hit
market-report-pound-gets-boost-as-phase-ii-of-vaccine-roll-out-begins-after-15mln-jab-target-is-hit-15-02-2021
  • 20 Jan 21
Struggling through the lockdowns

M&B’s poor trading performance in Q1 FY20/21 was not a surprise. Lfl revenue in the current quarter is also likely to remain deep in the red. Management is exploring an equity issuance to remain afloat / meet the fixed cost and debt service obligations. After all, the cash coffers are fast depleting and the choice on the table is limited.

Companies: Mitchells & Butlers plc
  • 30 Nov 20
A strong closure to FY19/20; a risky road ahead

M&B has announced better than expected closure to FY19/20. Cost-saving initiatives and the performance improvement programme (called Ignite) resulted in minimal loss during the second half of the financial year. We believe the company is well cushioned to see through the current and forthcoming pandemic-related business restrictions in the UK. We will trim the H1 FY20/21 estimates but the business is likely to pick up subsequently.

Companies: Mitchells & Butlers plc
  • 13 Oct 20
Market report: FTSE falls as UK unemployment rises to a three-year high
market-report-ftse-falls-as-uk-unemployment-rises-to-a-three-year-high
  • 09 Jan 20
Christmassy performance by M&B

M&B has made a strong start to FY19/20 with 2.6% lfl sales growth during Q1. The positive momentum was led by both the food and drinks businesses, despite strong comparables, wet weather conditions and uncertain consumer demand considering recent elections and economic conditions in the UK. We expect the momentum to continue in the remainder of the financial year and, hence, will raise our sales estimates.

Companies: Mitchells & Butlers plc
  • 21 Nov 19
Performing ahead of the market

M&B has reported a strong closure to FY18/19. The adjusted operating profit came in line with our estimate of £317m. Tighter capital expenditure, better than expected net debt reduction and management’s disclosure of 1.4% lfl sales growth in the first seven weeks of the new financial year also bode well for investors’ sentiment. The company should be able to sustain this momentum and preserve the profit margin in FY19/20.

Companies: Mitchells & Butlers plc
  • 30 Sep 19
Decent closure to FY18/19

M&B’s pre-close trading performance for the 51 weeks ended 21 September 2019 was ahead of our estimates. The momentum has carried forward in the new financial year, a positive sign for investors’ sentiment. Despite our optimism on top-line growth, we believe the momentum is likely to moderate gradually. We will increase the financial estimates and target price slightly.

Companies: Mitchells & Butlers plc
  • 31 Jul 19
Another strong quarter

M&B posted another strong performance in the 10 weeks ended 27 July 2019. Lfl growth came in at 2.8%, which was ahead of the market average, led by the food business (drinks slipped into the red). While we remain positive on management’s strategy to propel the top line, the increasing likelihood of a hard Brexit scenario is a dampener. As a result, we take a cautious approach towards M&B’s earnings/growth prospects in the subsequent years. No change in the stock recommendation.

Companies: Mitchells & Butlers plc
  • 30 May 19
Strong momentum continues

M&B’s H1 performance was slightly ahead of our estimates. Key takeaways were stronger lfl growth (led by both food and drinks) and a 20bp improvement in the adjusted operating margin. In H2, we expect the lfl growth to soften a bit. Our stance on profitability remains cautious for the years ahead as UK consumer demand remains uncertain (Brexit is still a key pain-point) and M&B needs to absorb a high fixed cost base. No change in the stock recommendation.

Companies: Mitchells & Butlers plc
  • 14 Jan 19
A delightful Christmas for M&B!

A strong performance around Christmas has lifted investors’ spirits. However, we would not be surprised if this momentum normalises in the coming quarters, given the uncertainty surrounding consumer spending / the state of the UK’s economy. As a reminder, the stock price is likely to nose-dive in the case of a hard-Brexit scenario. Until there is a clear decision on Brexit, M&B is unlikely to get an upward-rerating in our opinion.

Companies: Mitchells & Butlers plc

Mitchells & Butlers plc

Company Profile

  • Personnel
  • Timothy (Tim) Charles Jones, Finance Director
  • Robert (Bob) Ivell, Chairman
  • Phil Urban, CEO

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Mitchells & Butlers plc. We currently have 466 research reports from 8 professional analysts.

Latest News/RNS

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Date Source Announcement
18May22 07:00 RNS Mitchells & Butlers - Half Year Results
13May22 11:00 RNS Mitchells & Butlers - Notice of Half Year Results
04May22 10:00 RNS Mitchells & Butlers - Director/PDMR Shareholding
29Apr22 11:45 RNS Mitchells & Butlers - Total Voting Rights
04Apr22 12:15 RNS Mitchells & Butlers - Director/PDMR Shareholding
01Apr22 11:45 RNS Mitchells & Butlers - Block listing Interim Review
01Apr22 11:00 RNS Mitchells & Butlers - Total Voting Rights
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  • 20 May 22
Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

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  • 11 May 22
Morning Note – 11 May 2022


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  • 23 May 22
SHORE CAPITAL - Marks & Spencer (MKS) - House Stock at 137p


Companies: Marks and Spencer Group plc
  • 25 May 22
SHORE CAPITAL - Marks & Spencer+ (MKS) - Great FY22, shaving FY23 for ORL - sustaining progress...


Companies: Marks and Spencer Group plc
  • 23 May 22
LIBERUM: Tortilla Mexican Grill* - Wrapping up Chilango


Companies: Tortilla Mexican Grill Ltd.
  • 26 May 22
Cleaning up in specialist cleaning

React is a leading specialist commercial cleaning, hygiene, and decontamination company. We believe it is well placed to build scale in terms of both its earnings and market cap. The business has a highly attractive proposition – largely non-discretionary, specialist services, a high proportion of recurring revenues (FY23E: 80%), attractive and improving margin profile (FY23E operating margin of 12%), and a capital light model (low working capital and capex requirements). It has a clear strategy

Companies: REACT Group Plc
  • 18 May 22
Hybridan Small Cap Feast 18/05/22

Dish of the day Joiners: Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne

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  • 17 May 22
Cautious optimism ahead of new growth phase

Despite the various challenges (Covid restrictions, Brexit, supply chain disruption), FY’22 results were slightly ahead of upgraded expectations. The angling market is not immune to the well-documented headwinds but, with numerous strategic initiatives strengthening its capabilities, including the recent launch of its EU DC, Angling Direct is cautiously optimistic about the scope to deliver market share gains and begin a new growth phase in Europe. Forecasts have been maintained and valuation is

Companies: Angling Direct Plc
  • 25 May 22
Improved business shape, cloudy outlook

M&S released its FY21/22 results with both revenue and adjusted pre-tax profit slightly above expectations. However, the end of business rates relief, the full exit from the Russian business and a minimal contribution from Ocado has seen the group start FY22/23 with a lower profit base. The group expects intensified cost pressure and the inflationary environment to result in very challenging trading conditions for the year ahead.

Companies: Marks and Spencer Group plc
  • 22 Apr 22
Hybridan Small Cap Feast 22/04/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketin

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  • 21 May 22
CVS Health Corp.: Growth Strategy, Cost Advantage, Macro & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (05/22)

CVS Health entered 2022 with solid momentum and had a great first quarter. The company increased revenue by over 11% to $76.8 billion and adjusted operating income by nearly 7% to $4.5 billion. They increased memberships whereas the medical costs are in line with projections despite inflationary pressures. These results reflect their diverse product portfolio, in-depth knowledge of consumer health needs, and superior customer service. During the first quarter of 2022, CVS Health distributed over

Companies: CVS Health (CVS:NYSE)CVS Health Corporation (CVS:NYS)
  • 24 May 22
LIBERUM: Topps Tiles* - Strong H1; confidence in full year


Companies: Topps Tiles Plc
  • 23 Mar 22
WH Ireland: Pittards (PTD) - Full year results in line and order book ahead; cautious on cost inflation

Pittards is a specialist producer of technically advanced leather and luxury goods for retailers, manufacturers and distributors. The group has this morning released full year results to 31 December 2021, in line with February's trading update, and marking a return to profitability after a particularly challenging FY 2020A. The group has continued to invest in new production equipment to broaden both its product ranges and end market exposure. While we have cautiously increased our underlying co

Companies: Pittards plc
  • 11 Apr 22
Lookers - Record FY21, but challenges remain

Lookers’ FY21 adjusted PBT was even more of a record than we had anticipated. Revenue growth in all the main segments was augmented by strong used car margins and improvements in the new car segment, which drove group gross margins up 180bp to an exceptional 12.8%. The positive demand and supply dynamics look set to continue for the time being. Used car prices may stay high for some time but as they plateau margins may moderate, compounded by inflationary cost factors. In addition, high energy p

Companies: Lookers plc
  • 23 Aug 21
New chair to navigate easyJet

The veteran senior management Stephen Hester will succeed John Barton as easyJet’s new chair in December and the market applauds his arrival due to his experienced skills in corporate turnarounds. The share is up by 2%.

Companies: easyJet plc