Mitchells & Butlers sales at 35% of pre-Covid levels for year to date

Writer,

Pub, bar and restaurant managers Mitchells & Butlers reports that total sales at the group, for the year to date including 18 weeks of enforced closures, are at 35% of pre-Covid levels.

Since 17 May substantially all of the group's estate has been open for 10 weeks of trading both indoors and outdoors, during which time sales have been volatile.

In the first 5 weeks, like-for-like sales were strong at 98% of pre-Covid levels, supported in particular by pent up consumer demand on full re-opening.

Across the following 5 weeks, activity was slower on average, with like-for-like sales at 89% of pre-Covid levels although most recently there has been some sign of improvement following further easing of restrictions on 'Freedom Day' in England.

As at 24 July, the group had cash balances on hand of £203m, with undrawn unsecured facilities of £150m.