Mitchells & Butlers results fail to cheer markets

The price of shares in FTSE 250 pub landlord Mitchells & Butlers (LON:MAB) dropped by 3.58% to 215.50p (as of 11:35 GMT) after reporting a 34.1% decline in revenues for the year ended 26th September. The firm booked a pre-tax loss of £123 million, well down from last year’s profit as COVID heavily impacted the hospitality sector.

CEO Phil Urban commented: “Throughout a very uncertain and challenging year o ur businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again. We saw direct evidence of this from a strong trading period in July and August before further restrictions came into force.

“With our great estate, balanced portfolio of brands and proven management team, we remain optimistic that we will be able to regain the momentum previously built and continue to achieve sustained market outperformance, when the current operating restrictions are eased.“