spreadbetters bonanza on mab on 10 pound a point as of 29 april hop on baby

i would be moderately surprised if a serious bid did not indeed materialise ..... at least I hope so as an existing holder

feel they have gone up too much.... will put in watchlist

If no bid arrives, the downside is perhaps 50p - i.e. a retrack back to rather more than where they were before Mr T put in his informal offer ..... The logic for this is quite simply that M&B are putting all sorts of new figures, projections and carrots under the noses of their shareholders ..... My own view is that the chance of a formal offer from Mr T and his team is >75%

Markets



The Times May 02, 2006


Rumour of the day


Robert Tchenguiz, the property tycoon, is in talks with two private equity groups in an attempt to raise 200 million to plug the gap left by Goldman Sachs for his proposed 4.6 billion bid for Mitchells & Butlers, the pub chain. If the funding is not secured by tomorrow, the bid probably will fail. Mr Tchenguiz has until Monday next week to make an offer or walk away.

I am quite sure the Times rumour is correct, but whether or not Mr T has given himself such a short deadline is anotyher question ...... and of course there could well be other preadtors sniffing

Got it right so far, though the market is far from convinced that the bid will succeed ..... We shall see

backed my own judgment this morning and topped when price dropped to 494 ...... logic says that T would not have gone to the considerable expense both to himself and to his other 2/3/4 backers of putting in a formal bid if he was not serious .... for sure he knew that 550 would be unacceptable ..... market doubters say perhaps T is just on a massive ego trip and does not care about wasting money so long as he gets lots of publicity, and is not that fussed whether or not his bid succeeds.

OK, so logic did not prevail, so what price/value M&B now? ..... Price closed at 477 and certainly one analyst reckons M&B worth 470/530 even without a bid ..... Hmm! Worth hanging onto at least some of my holding? ..... Quite possibly or even probably

I have been buying this one at 5.06 and selling at between 5.15 and 5.20 over the past fortnight. I have done this a few times. Worth having a look at. I will buy again tomorrow, providing it does not open a lot higher. Are any of you holding this one at the moment?

bought back in today at 5.05 and three quarters.

bought back in today at 4.12

MoneyAM
Mitchells & Butlers has now closed its hedge position with a total post-tax loss of �274m.

The pubs group said there is no near-term prospect of debt markets permitting a property-based transaction.

The operator of the All Bar One and Harvester chains said it has accepted the resignation of finance director Karim Naffah, with deputy finance director Jeremy Townsend set to replace him.

The board has, however, rejected the resignation of CEO, Tim Clarke, who will remain with the group to oversee management's focus of continued operational out-performance. All directors will forego their 2007 bonuses in recognition of the large losses suffered in relation to the closure of the hedge position.

M&B said in December and early January, the mark-to-market deficit on the inflation hedges and interest rate swaps continued to be volatile but not materially different from the previously reported �180m post-tax loss. However, it added that more recent instability in the financial markets led to a further sharp deterioration in the position.

The group said a portion of the interest rate swaps will be retained to cover some �300m of debt outside the securitisation as part of the group's long-term debt structure. The latest mark-to-market deficit on the swaps was approximately �22m post tax.

At the end of the last financial year, M&B booked an exceptional accounting loss of �155m post-tax in respect of the hedges. The group intends to take a further �119m post tax hit in the current year, with the settlement of the hedges funded by a special bank facility. This will take M&B's balance sheet gearing to 67% from 61%, resulting in a �13m increase in FY debt cost, �4m of which will be incurred in the first half.

M&B said it intends to conduct a strategic review for value creation but that if market conditions recovered sufficiently it would still look to release value from its property. The group said it intends to add to its property expertise by appointing a non-executive director with specialist property knowledge.

M&B said same outlet like-for-like sales grew 0.7% in the first 17 weeks of the year. It added that since the end of November, the first three weeks of December were weak, though trading was strong over Christmas and New Year. The group said January trading has been satisfactory to date and added like-for-like sales were up 0.2% over the last 10 weeks.

The group said food sales have grown strongly, up 4.6% over the 17-week period, while drinks declines have been limited to 1.1%. It added that Scottish same outlet like-for-like sales have increased 4.4%, while across the 2,000 pub business same outlet like-for-like sales have increased 0.6% in the 30 weeks since the implementation of the smoking ban in England.

M&B said it remains cautious on the outlook for consumer spending and in particular, the near term prospects for the on-trade beer market. It added the shift to food from drink is having an adverse impact on gross margins, with food inflation also having an impact. The group intends to reduce both fixed and variable operating costs by some �20m but said it will still be difficult to maintain net retail margins, particularly in the first half.

M&B said it expects continuing strong market share gains with improved prospects after the 1st July anniversary of the smoking ban. It added it expects trading conditions to remain highly challenging but said as a result of actions to drive sales and reduce costs, it expects a resilient operating performance for the full year.

Thats a fine mess they got themselves into resulting in an sp around 382p. I am not a holder but is on my watch list. Outlook for next year or two not bright against consumer conditions and gearing now increased to 67%. Interesting to see Mr Tchenguiz increase his stake following the bearish hedge announcement.

Bought some shares today at 309p from a medium/long term outlook, although short term the sp seems to have some upward momentum. The Company needs to raise funds and have hinted that they are willing to sell a 29.9% stake in the Company to private equity interests. A large part of the portfolio has been securitised to banks so that the Co could pay a special distribution to shareholders in the past. No doubt trading is more difficult but, it is intriquing that Messrs Magner and Macmanus have built up over 6% stake via their investment company.This may well be a way to prevent a deal by private equity on the cheap. They may well see a chance to pay back the banks, possibly at a discount in order to take a longer term view of the quality assets. I am speculating of course but with these characters on board I suspect this will be an interesting one to follow.

sp 325p look to be quietly creeping up.

Still quietly creeping sp 342.5p

nearly 32million shs volume today with sp having been 346p at one point. Closing 342p

Tchenguiz raises stake in Mitchells & Butlers to just under 27 percent - report
AFX


LONDON (Thomson Financial) - Robert Tchenguiz, the property entrepreneur, has bought a further 3 percent stake in Mitchells & Butlers Plc, taking his holding to slightly less than 27 percent, reported the Financial Times.

The FT said the purchase was made from AllianceBernstein, the global asset management company.

The stake increase comes less than two weeks before the pub group, which operates the All Bar One, Harvester, and O'Neill's chains, is scheduled to announce the outcome of its strategic review.

M&B shares rose 5 percent to 340-3/4 pence yesterday, in line with other pub groups, after Enterprise Inns was given the go-ahead by the government to convert to a tax-efficient real estate investment trust.

sp 341p after 346p on announcement.

AFX


LONDON (Thomson Financial) - Mitchells & Butlers Plc. said Elpida Group Ltd. has raised its stake in the company to 29.16 million shares, or 7.23 percent, from 24.32 million shares, or 6.03 percent.

Elpida is the investment vehicle of Irish racing tycoons John Magnier and JP McManus.

M&B said at the end of April that it was still in discussions regarding the sale of a 29.9 percent stake to a private equity suitor after Punch Taverns Plc. broke off talks regarding a possible sale of its managed pubs arm Spirit.


sp 339p having been 336p today. The plot thickens!

AXA slashes Mitchells & Butlers stake to 4.29 pct
AFX


LONDON (Thomson Financial) - AXA S.A. has cut its stake in Mitchells & Butlers Plc. to 4.29 percent, or 17.3 million shares.

The group previously held 39.8 million shares in the pubs company, equating to a 9.9 percent stake in the business.


sp 327p

Article on timesonline today says that Co is expected to announce that its plans to sell a large stake to private equity has been shelved. A price of 400p per share had been speculated. It mentions Robert T's stake but omits to mention the increasing stake of Elphida, now over 6%.

http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article3950642.ece

Correction to post 21, Elphida now hold over 7.2%

LONDON (Thomson Financial) - Mitchells & Butlers, the embattled UK pub operator, will this week bow to pressure from Robert Tchenguiz, the pubs and property tycoon, by handing one of his key lieutenants a boardroom seat, the Sunday Telegraph reported.

Tim Smalley, an executive at the Tchenguiz investment vehicle, R20 -- M&B's biggest shareholder -- will be appointed a non-executive director of the owner of All Bar One when it unveils the results of a strategic review on Tuesday, it said.

Tim Clarke, M&B chief executive, is also expected to initiate a further analysis of M&B's property portfolio with a view to its eventual separation, the article said.



Mail on Sunday said that Mr T and Magnier/McManus scuppered any deal with Private equity as they were not happy with Private Equity only paying 400p per share. It is felt more attention will now be focused on the Co. property portfolio.
The Company is expected to reveal better than had been hoped trading results.

LONDON (Thomson Financial) - Mitchells & Butlers Plc. said it plans to convert to Real Estate Investment Trust status, or other appropriate OpCo/PropCo structure, when conditions in the market are suitable.

Unveiling the results of its strategic review, the group said it will will bolster its property expertise with the appointment of two non-executive directors from R20, Robert Tchenguiz's investment vehicle. Tchenguiz recently raised his stake in the Harvester and All Bar One pubs group to around 27 percent.

M&B said today that adjusted first half pretax profit fell 5.6 percent to 84 million pounds but said it remains confident of a trading out-performance in the full year. The managed pubs operator said same outlet like-for-like sales increased 3.4 percent in the first four weeks of the second half, with like-for-likes up 0.8 percent over the 32-week period.

The group increased its dividend 7.1 percent to 4.55 pence.

sp 327p.

Guscavalier comment: Fuller details of the review can be seen under interim results.
Although consumer spending is being squeezed, MAB may benefit to a degree by people switching from the more expensive restuarant food to pub dining. I went to a Toby Carvery with my wife for lunch. 2 Full gammon roast, 2 ice cream, 1 coke,
1/2pt Becks came to 20 which included over 3 tip. Very nice food.

firm move upwards today after this morning's announcement. Wouldn't be surprised if sp consolidates around 350p- 360p level.

wrong gus!

is it worth buying now at this all time low

MAB will go to 200p next

Elphida purchases further shares and now holds 8.08%

is it worth buying a few of mab now?

scotinvestor- I bought a few of these on the back of Elphida increasing their stake since these connections seem pretty shrewd. I think I read somewhere that T.Hemmings has also bought an interest. They are all a patient lot so what the sp will do short term, I dont kwow but, I wouldn't put you off otherwise. The business outlook will be difficult but, I guess these boys see a good angle there somewhere.

hyleo

is this worth buying now?

Mitchells & Butlers and JD Wetherspoon have both been upgraded to neutral from sell.

In a research note published late Tuesday, Goldman Sachs said that following its recent share price decline, Mitchells & Butlers now trades in line with the sector on a P/E basis on the broker's downgraded earnings forecasts.

The broker said it has cut its 2009 and 2010 EPS estimates to 26.55p from 29.51p and to 28.66p from 31.52p, respectively, primarily to reflect cost pressures.

It added it has reduced its six-month price target to 220p from 290p, reflecting lower earnings estimates and a lower estimated freehold value.

In a separate note, Goldman Sachs said it has also cut its price target and earnings estimates for JD Wetherspoon to reflect the increasingly negative trading environment.

However, it said it sees limited valuation downside following the recent share price decline, which has left JD Wetherspoon trading in line with the sub-sector.

The broker's 2009 and 2010 EPS estimates have fallen to 21.49p from 26.02p and to 24.48p from 28.91p, respectively, while the six-month price target has been reduced to 205p from 260p, Goldman Sachs said.


Heres one for you scotinvestor, I know you appreciate the experts view! sp 222p

Don't be gullible to believe all this upgrades by Goldman Sachs...they get it wrong more than 50% nowadays.

thats not bad for analysts or brokers.....they'll mention all their good tips too

Been away 2 weeks but, glad to see mab is in a better market, currently 240p against 200p and below. Probably helped by the Wetherspoon announcement and I also see that Elphida has increased stake again and now holds 9%.

Elpida increased stake to 10.08% from 9.06%. A possible blocker to any development put forward by Mr T's interests. sp 256p.

31 July 2008

Mitchells & Butlers plc to acquire 44 pub restaurants from Whitbread PLC
in exchange for 21 Express by Holiday Inn Lodges

Following Mitchells & Butlers stated intention to create additional value from its non-core assets, a swap of lodge assets for pub restaurants has now been agreed with Whitbread.

Under the terms of the agreement, Whitbread will acquire 21 of Mitchells & Butlers lodge sites (1245 rooms), currently trading under the Express by Holiday Inn brand, in exchange for 44 standalone Whitbread pub restaurant sites, currently trading under the Brewers Fayre and Beefeater brands. The exchange has been made on the basis of equivalent EBITDA of circa 9m from both the hotels and the pub restaurants and a valuation of circa 78m for both sets of assets to be exchanged.

These high quality pub restaurant sites will be converted to Mitchells & Butlers industry leading brands and formats with significant sales and profits uplifts expected. The transaction is expected to complete on 19 September 2008. In order to assist in funding the capital expenditure required for the conversions and to further reduce group debt levels, we intend to review opportunities for sale and leaseback financing on these acquired freehold sites. This would demonstrate the value of the properties acquired, in addition to the value that will be created from the operational profit uplifts generated by the brand conversions.

We will also continue to actively pursue the creation of additional value from our other non-core assets, including the Innkeepers Lodge units.

Commenting on the deal, Tim Clarke, Chief Executive of Mitchells & Butlers, noted:

'This deal drives further consolidation in top end managed houses and demonstrates our ability to create value from the non-core assets. Our brands can add a lot of value to these pub restaurant sites as we have shown with previous acquisitions.'
sp 246p

sp up again 267p

Strong sp of 280p today reflects speculation following press comment that Punch Taverns is attracting possible bid interest from CVC Capital Partners.It is felt that the weak pub sector may attract interest from cash rich funds. Certainly looks like the Elpida build up is proving timely.

sp +13p@293p.

in a strong market + 20p @ 338p

250p...analysts say sell MAB

19 September 2008




Mitchells & Butlers plc




Completion of acquisition of Whitbread pub restaurant sites

in exchange for lodges




Mitchells & Butlers is pleased to confirm that the acquisition of 44 pub restaurants sites from Whitbread plc in exchange for 21 Express by Holiday Inn lodges, announced on 31 July 2008, has been successfully completed.







For further information please contact:




Investor Relations



Erik Castenskiold
0121 498 6513






Media



James Murgatroyd (Finsbury Group)
0207 251 3801







Notes for editors:




- Mitchells & Butlers owns and operates around 2,000 high quality pubs in prime locations nationwide. The Group's predominantly freehold, managed estate is biased towards large pubs in residential locations. With around 3% of the pubs in the UK, Mitchells & Butlers has 10% of industry sales and average weekly sales per pub over three times greater than that of the average UK pub.




- Mitchells & Butlers' leading portfolio of brands and formats includes Ember Inns, Harvester, Sizzling Pub Co., Toby Carvery, Vintage Inns, All Bar One, O'Neill's, Nicholson's and Browns. In addition, Mitchells & Butlers operates a large number of individual city centre and residential pubs.


strong move up today with market sp 286p

MAB is below 200p. Went to Harvesters the other day. Almost empty. Business is poor

MAB is a clearly to be avoided at all costs as two leading banks in Iceland, Kaupthing Edge and Ice-save, which have a significant share in MAB, are liquidating their positions due to a meltdown in Iceland's burgeoning banking sector. They are also feared to be nationalised.

188p...feels like it's only worth 100p as Icelandic investments are bailing out of MAB.

Justyi, I just saw that Iceland currency is also depreciating rapidly.

THE WORLD IS GOING DOWN THE DRAIN.

Now the Icelandic stock exchange has suspended all trading...very scary now.

And today Ice-Save has stopped people from withdrawing money...I think it is going into administration soon.

Stake building on the cheap.

Inclined to agree mitzy. Interesting to see if Elphida increase stake with this opportunity.

Best avoided...see below.


Tchenguiz sells stake in M&B - AFX

LONDON (Thomson Financial) - Robert Tchenguiz, Mitchells & Butlers' largest shareholder, has sold his 25 percent stake in the UK pub group to an unknown buyer, the Financial Times reported.

Some 101 million shares in the All Bar One operator changed hands after the formal close of business in London yesterday at 130 pence apiece, the newspaper said.

Although the stake is understood to belong to Tchenguiz, the actual seller was Iceland's Kaupthing, which was holding the shares as collateral, it said.

The Icelandic bank is one of Tchenguiz's financial backers and bankrolled the property tycoon's move in July to convert his derivatives holding of 25 per cent into shares in order to stop it being lent to those betting on price falls.

But with banks in Iceland being forced to deleverage, Kaupthing has called back the loan it gave to Tchenguiz, the FT said.

The buyer of the stake was not immediately clear. However, sources close to the situation said it would be a strategic buyer, according to the report.

Tchenguiz, who also holds a sizeable stake in the supermarket group J Sainsbury, could not be reached for comment by the FT on Tuesday night.

Following Tuesday night's transaction, Tchenguiz still retains an economic interest of 4.8 per cent in M&B through contracts for differences, it said.

justi, why does the above announcement in itself mean that the stock should be avoided? Mr T was a forced seller at 130p and effectively removes an overhang. At 130p someone is prepared to take a longer view. Infact, the sp has improved as a consequence. Be interesting to see if Ephida was involved.

Joe Lewis, the Bahamas based British billionaire has purchased 25% of MAB shares from Mr T at 130p. For interest he also has a stake in Ladbrokes along with the Magner Irish connection

when your not working, your in the pub or betting shop. lots of jobless to come.

A new slide is forming on the chart.

I'm in the pub/bookies every day...lol.

Elpida increases stake to 11.23% sp141p

up 9p @ 191p. Shares have strengtherned since the dividend cancellation announcement so as to reduce debt.

Any followers of these?

Just me then!

I follow Marstons (MARS) only because we have a local one.

Excellent pint!

Never tried it , I'm a lager lout :-)

lager is for BBQ's :-)

Mitchells & Butlers plc


Mitchells & Butlers has been informed that the Takeover Panel has now finished
its investigations and concluded that no agreement or understanding was reached
between any party to act in concert for the purposes of the City Code, between
15 October 2009 and the date of this announcement.
The Board welcomes the Takeover Panel's conclusions and looks forward to
implementing its strategic plans to create value for all shareholders.

Half Yearly Report.

Business Highlights

-
Like-for-like sales up 1.8% in the 33 weeks*
-
Food and drink like-for-like sales up 4.3%* and 0.3%* respectively
-
Retail operating profits up 13.7% at 158m**
-
Retail net operating margin up 1.6% points**
-
Net debt reduced by 87m in the first half
-
Pension funding approach agreed: annual payments increased from 24m to 40m

Interim Management Statement.

Performance



Like-for-like sales in the first 42 weeks of the financial year have increased by 1.6% with total sales up 2.1%. Like-for-like sales rose by 1.2% in the most recent nine weeks since we last reported. The month of the World Cup had a negative impact on food sales reducing overall like-for-like sales by approximately 2.0%, indicating an estimated underlying growth rate of 3.2% in the nine week period.

Interim Management Statement.

Operating performance

On a like-for-like basis, sales in the first 42 weeks were up 3.1% with trading in the last 9 weeks to 16 July up by 2.8%. This recent period of trading was however against weaker comparable results last year (due to the football World Cup) and management estimates that the underlying like-for-like growth trend has softened to around 1%.

Still the Joe Lewis factor? A few 'rule 8's' today - knock on for JDW share price?

Well that's that then!

Response to Announcement by Piedmont

Final Results.

- Total sales up 4.9% including food sales up 7.8%
- Operating profit up 1.1% and operating margin at 16.3%
- EBITDA returns of 21% achieved on expansionary capex invested
over the last two years
- Net debt reduced by over GBP400m; net debt:EBITDA now at 4.7
times

- Like-for-like sales in FY 2011 of +2.6% with food like-for-like
sales of +4.8%
- Like-for-like sales growth of 2.0% in first 8 weeks of FY 2012

Interim Management Statement.

Like-for-like sales in the 9 weeks to 21 January 2012 were up 6.5%, assisted by the improved weather over this year's Christmas period. As a result, like-for-like sales in the first 17 weeks of the financial year were up 4.4%.

Trading in January has been more subdued but consistent with the underlying like-for-like sales trend first noted in July last year of around 1% growth.


Total Company sales in the first 17 weeks, including the impact from major disposals last year, were up 1.3%. In the same period, total sales for the Retained Estate* were up 7.5%.

The Company continues to progress a number of business initiatives, including simplifying processes and devolving greater responsibility and accountability to customer facing operations. This will enhance the guest experience and lay the foundations for further business growth. Brand Operations Directors are now in place and further changes are anticipated in central support structures where a staff consultation period is in progress.

MAB strong today - albeit on less than staggering volume.

Half Yearly Report.

Financial performance

- Retained Estatea revenue growth of 6.3% to £969m, with like-for-likeb growth of 2.7%

- Retained Estatea operating profit up 1.5% to £138m before exceptional items, with net operating marginc down 0.7 percentage points as a result of inflationary cost increases in energy and food

- Exceptional operating costs of £20m include £14m of business and systems restructuring costs, delivering annualised savings of £10m

- Adjusted earnings per shared up 10.6% to 12.5p after lower interest and tax charges

- Net cash flow of £12m after expansionary capital and exceptional items

- Net debt of £1.9bn representing 4.6 times EBITDAe

Statutory results


- Profit before tax down £1m to £42m

- Basic earnings per share down 0.3p to 8.8p

Brand roll-out

- 35 new site openings and 7 conversions in the period with expansionary capex of £42m

- 200th Harvester opened, a major milestone for the brand

- EBITDA returns of 17% achieved on expansionary capex invested over the last two years

Strategic progress

- Business transformation programme underway, simplifying our support functions and sharpening focus on guest service throughout all areas of the business

- IT infrastructure upgraded, laying the foundation for technological enhancements including wi-fi rollout and a faster menu development cycle

- Service quality enhanced through increased investment in site-level operations

Interim Management Statement

Operating performance

Like-for-like sales growth was 0.4% in the 14 weeks to 14 July and 1.9% for the 42 weeks of the year to date, with the recent period in particular adversely impacted by the persistent wet weather and the negative impact of the European Football Championships. Within this, trading on key days and special occasions has remained strong with 4% like-for-like sales growth over the five days of the Diamond Jubilee weekend. Like-for-like growth in the most recent 9 weeks since the date of the Interim Results announcement has been 1.6%.

Final Results

Financial performance

- Total revenue of £1,889m, up 3.3%a
- Like-for-like sales growth of 2.1%b, led by food sales
- Recovery in net operating margin in the second half
- Adjusted operating profit of £304mc, up 1.0%a after inflationary costs and investment into service and amenity
- Adjusted earnings per share of 30.5pc, up 6.4%a
- Net cash flow of £32md after expansionary capital of £55m
- Net debt of £1.8bn representing 4.5 times EBITDAe
- Like-for-like sales broadly flat in the first 8 weeks of FY 2013

Operational performance

- Business transformation programme underway to improve focus on the guest in all areas
- Central support functions and infrastructure reorganised with £6m saving delivered in FY 2012
- Increased investment in training and service; new training academy opened
- Guest satisfaction and retail employee engagement both improved 5 percentage points
- Building on enhanced technology platform to further improve the customer experience with more targeted marketing
- Award-winning brands and infrastructure projects: Harvester and Toby Carvery top Technomic satisfaction poll; Retail Systems Award for Best Use of Technology; Alex wins Consumer Focus award in Germany; M&B awarded Carbon Trust Standard for the second time.

Property Estate

- £37m reduction in property valuation, a 1% decrease excluding acquisitions and conversions
- 47 new site openings and 10 conversions in the period with expansionary capex of £55m
- EBITDA returns of 17% achieved on expansionary capex invested over the last two years

Interim Manangement Statement

Strong Christmas sales despite tough trading conditions

Operating performance

Christmas sales were strong with record levels of advance bookings, particularly on key trading days. Across the festive season1 as a whole, like-for-like sales increased by 4%.

In the 14 weeks to 5 January, like-for-like sales were 1.0% ahead of last year. Since then, trading conditions have been challenging following the holiday period and the UK has been affected by cold weather and snow. As a result, like-for-like sales in the 17 weeks to 26 January were 0.3% lower than last year.

IMS going down rather well.

Half year results tomorrow.

HALF YEAR RESULTS


Statutory results

- Profit before tax: £72m (H1 2012: £42m)

- Basic earnings per share: 14.1p (H1 2012: 8.8p)

Financial highlights

- Total revenue of £991m, up 2%

- Like-for-like sales growth of 0.3%a

- Adjusted operating profit of £145mb, up 5%

- Adjusted earnings per share of 14.6pb, up 17%

- Net cash inflow of £70mc before mandatory bond amortisation of £27m

- Net debt of £1.8bn representing 4.3 times adjusted EBITDAd

Operational highlights

- Restructuring cost savings delivered in full

- Further investment made in guest service through ongoing business transformation programme

- Operating margin up 40 basis points to 14.6% against H1 2012

- EBITDA returns of 17% achieved on expansionary capex invested since FY 2011

Strategic progress

- 'Five star' approach to the market to align strategy with growth potential

- Future investment focused on attractive market spaces: Upmarket Social, Family and Special

- Clear operational priorities: people, practices, guests and profits

Board composition

- Stewart Gilliland appointed as an independent Non-Executive Director

- Three independent Non-Executive Directors appointed this year

Trading Update on Thursday 25th.

Another in the scatter gun portfolio.

Eyes down here and MARS tomorrow!

On edit :- make that Thursday!

HSBC Overweight 420.90 415.00 410.00 500.00 Upgrades

Interim Management Statement

Operating performance

Like-for-like sales growth increased to 1.6% in the third quarter. In the most recent 9 weeks, since the announcement of our Half Year Results, like-for-like sales growth was 2.0%.

Cash flow and balance sheet

There has been no material change to our financial position since the Half Year Results, with net debt broadly unchanged at £1.8bn. We have opened 11 new sites and converted 5 sites so far this financial year.

Numis Add 400.65 426.80 - 500.00 Retains

Pre-close Trading Update

We expect to deliver a full year result in line with the Board's expectations. Total sales growth in the first 51 weeks was 2.1%. Through the second half, the Group operating margin has remained ahead of last year. At the same time, we have maintained our investment into guest-facing service and amenity.

We have opened 16 new sites and converted or expanded 6 sites this financial year. The development of our pipeline of new sites for FY14 and FY15 is progressing well and we expect to increase investment into our most successful brands to open around 50 new sites a year over the medium term.

Like-for-like sales were lower in the fourth quarter against a strong comparative performance last year (+3.0%).

Final Results

Statutory results

- Profit before tax: £150m (FY 2012: £83m)
- Basic earnings per share: 32.9p (FY 2012: 17.1p)

Financial performance (52 week comparables)

- Total revenue of £1,895m, up 2.2%a
- Like-for-like sales growth of 0.4%b
- Adjusted operating profit of £312m, up 5.1%c
- Adjusted earnings per share of 34.9p, up 17.1%c
- Net cash flow of £29md after mandatory bond amortisation of £55m
- Net debt of 4.2 times EBITDAe at year end (FY 2012: 4.5 times EBITDA)


- Like-for-like sales up 0.1% in the first 8 weeks of FY 2014

Operational performance

- Operating margin up 0.5 percentage points to 16.5%f
- Good progress across all priority areas: people, practices, guests and profits
- Staff turnover down 4 ppts and net promoter score up 4 ppts
- New tills, payment systems, table management and kitchen management systems in full roll out

Property Estate

- 16 new sites opened across the upmarket social, family and special market spaces
- 17% EBITDA returns achieved on expansionary capex invested since FY 2011
- £31m increase in property value as a result of annual revaluation and impairment review
- Pipeline of new sites building for FY 2014 and beyond

Numis Buy 424.15 500.00 500.00 Retains

Neutral 404.70 404.70 370.00 390.00 Reiterates

Deutsche Bank Hold 404.70 404.70 435.00 435.00 Retains

Jefferies International Buy 404.70 404.70 500.00 500.00 Reiterates

JP Morgan Cazenove Neutral 0.00 450.00 400.00 460.00 Reiterates

Interim Management Statement

Strong festive trading: 6.9m meals sold with 2.6% like-for-like sales growth


Operating performance

Our trading performance over the festive period was strong, including our biggest ever sales week. Over the three-week festive period to 4 January, we increased like-for-like sales by 2.6% and like-for-like food volumes by 1.3%, selling 6.9m meals across our estate. Trading on Christmas Day was particularly strong, with like-for-like sales growth of 7.5% and 193,000 meals sold.

Year to date like-for-like sales are up 2.0%, assisted by the strong festive trading and milder weather compared to last year.


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Half Yearly Report

Return to food volume growth underpins successful first half

Statutory results

- Profit before tax: £68m (H1 2013: £68m)
- Basic earnings per share: 12.9p (H1 2013: 13.4p)

Financial performance

- Total revenue of £1,016m, up 2.5%
- Like-for-like sales growth of 1.1%a
- Adjusted operating profit of £147mb, up 2.1%
- Adjusted earnings per share of 14.6pb, up 1.4%
- Net cash flow of £43mc

Balance sheet and cash flow

- Agreement reached with Trustees on 2013 pensions valuation. Deficit increased to £572m as at March 2013; annual contribution increased to £45m (previously £40m per annum)
- Capital expenditure increased to £86m (H1 2013: £59m), including 11 new site openings and 4 conversions
- Net debt of £1.7bn representing 4.1 times annualised EBITDAd

Operational performance

- Turnaround in volume performance: like-for-like food volume growth (H1 2014:+0.2%, H1 2013: -4.7%), drink volume stabilising (H1 2014:-0.3%, H1 2013: -6.0%)
- Operating margin maintained at 14.5%e
- EBITDA returns of 16% achieved on expansionary capex invested since FY 2011f
- Staff turnover at historical low of 78% and net promoter score growing strongly to 63%

Numis Add 409.60 426.90 525.00 525.00 Reiterates

Mitchells & Butlers plc (Mitchells & Butlers) notes the recent press speculation regarding the Orchid Group (Orchid).

Mitchells & Butlers confirms that it has entered into exclusive discussions regarding the potential acquisition of the majority of the Orchid estate.

Discussions are ongoing and there can be no certainty that a transaction will be concluded.

A further announcement will be made in due course as appropriate.

Numis Add 409.90 525.00 525.00 Reiterates

Had a dabble here this morning - recent disappointment in the lack of dividend maybe overdone?

Closed +15.

Citigroup Buy 414.70 414.70 - 500.00 Upgrades

Numis Buy 420.70 414.70 525.00 525.00 Upgrades

JP Morgan Cazenove Neutral 402.75 402.50 550.00 430.00 Downgrades

Deutsche Bank Buy 402.75 402.50 620.00 620.00 Reiterates

Citigroup Buy 391.90 391.90 500.00 520.00 Reiterates

Toying with the year low again.

Interim Management Statement

Pre-close trading update

HALF YEAR RESULTS

Strong food volume growth drives sales progress


Financial performance

- Total revenue £1,113m, up 9.5%
- H1 2015 like-for-like sales growth 1.7%a
- Adjusted operating profit £153m, up 4.1%b
- Adjusted earnings per share 14.4p, up 5.9%b
- Net cash flow £47m (H1 2014 £43m)c

Balance sheet and cash flow

- Capital expenditure up to £94m (H1 2014: £86m), 9 new site openings and 23 conversions
- Net debt reduced from year end to £1.9bn representing 4.4 times EBITDAd

Operational performance

- Like-for-like food volume growth strengthens to +2.9% (H1 2014 +0.2%)
- Operating margin 13.7% (H1 2014 14.5%)e reflects Orchid and volume-driven sales growth
- Staff turnover at historical low of 77% (FY 2014 78%); net promoter scoref up to 65% (FY 2014 63%)
- New EPOS systems live across whole estate
- Orchid integration on track: office closed, synergies created, conversions performing strongly

Finals http://www.moneyam.com/action/news/showArticle?id=5159474

HALF YEAR RESULTS AND BUSINESS UPDATE

(For the 28 weeks ended 9 April 2016)

- Strong earnings growth; focus on driving profitable sales
- Review of strategic options completed - focus on accelerating organic growth
- Clear operational plan in place and already under way


Financial performance

- Total revenue of £1,096m, down 1.5%
- Sales uplifts from invested sitesa in excess of 10% in first year offset by decline in uninvested estate to give overall like-for-like sales decline of 1.6%b
- Adjusted operating profit of £156mc, up 2.0%
- Adjusted operating margin 14.2%c (H1 2015: 13.7%)
- Adjusted earnings per share of 15.7pc, up 9.0%
- Interim dividend of 2.5p approved

Reported results

- Profit before tax: £83m (H1 2015 £75m)
- Basic earnings per share: 18.4p (H1 2015 14.4p)

Balance sheet and cash flow

- Capital expenditure £88m (H1 2015: £94m), including 4 new site openings and 22 conversions
- Free cash flow before exceptional items of £34md (H1 2015: £50m)
- Net debt of £1.86bn representing 4.2 times annualised adjusted EBITDAe (H1 2015 4.4 times)

Phil Urban, Chief Executive, commented:

"In the first half we increased our adjusted earnings by 9.0%c. However, in order to accelerate the trading performance of the group there is much to do in our three priority areas: building a more balanced business; instilling a more commercial culture; and increasing the pace of execution and innovation.

During the last six months we have completed a review of our strategic options. I am very clear that our best route for delivering sustainable returns for our shareholders is through the acceleration of organic growth: to maximise the return on the high-quality assets we own. Our plan, to reshape the estate and innovate in both existing and new offers for our guests, is now well under way and I have every confidence in its success."

First Quarter Trading Update

Trading statement covering the 15 weeks ended 7 January 2017.

Operating performance

Like-for-like sales growth for the year-to-date has increased to 1.7%, continuing to build on the progress reported earlier in the year. Trading over the festive period was particularly strong across all brands, with like-for-like sales growth of 4.7% for the four weeks to 7 January 2017.

Total sales have increased by 2.3% in the year-to-date.

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HALF YEAR RESULTS

(For the 28 weeks ended 8 April 2017)

- Continued like-for-like sales momentum
- Ongoing focus on mitigating inflationary cost headwinds
- Strong progress on all three strategic priorities

Financial performance
- Like-for-like sales a up 1.6% at the half year and up 1.9%a in first 33 weeks of year
- Results impacted by movement of Easter into second half
- Adjusted operating profit of £149mb (H1 2016 £156m)
- Adjusted earnings per share of 15.2pb (H1 2016 15.7p)
- Interim dividend of 2.5p (H1 2016 2.5p)

Strategic progress
- Completed 178 return generating capital projects with focus on premiumisation of the estate
- Improved interaction with social media; guest satisfaction score up 2.4%

Reported results


Total revenue of £1,123m (H1 2016 £1,096m)
Operating profit of £145m (H1 2016 £157m)
Profit before tax of £75m (H1 2016 £83m)

Basic earnings per share of 13.7p (H1 2016 18.4p)

Balance sheet and cash flow
- Capital expenditure of £93m (H1 2016 £88m), including 6 new site openings and 172 conversions and remodels
- Free cash flow of £24mc (H1 2016: £34m)
- Net debt of £1.83bn (H1 2016 £1.86bn) representing 4.3 times adjusted EBITDAd (H1 2016 4.2 times)

Phil Urban, Chief Executive, commented:

"During the half year we have generated sustained sales growth, whilst consistently out-performing the market. This comes from the good progress we have made in our three priority areas: building a more balanced business; instilling a more commercial culture; and driving an innovation agenda.

As previously announced, margins have been adversely impacted by increased costs, most notably from wage inflation, property costs and exchange rate movements. In order to partially mitigate these costs we have been working hard to encourage our guests to trade up and increase spend per head for a more premium experience whilst challenging our General Managers to run their businesses as cost effectively as possible.

Overall, we are pleased with the turnaround in our sales trajectory and relative performance against the market. In a challenging cost and consumer environment we will continue to focus on our three priority areas."

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Third Quarter Trading Update

Shore Capital Hold 248.40 - - Reiterates

Peel Hunt Add 248.40 260.00 260.00 Reiterates

Liberum Capital Sell 248.40 210.00 210.00 Reiterates

Finished up nearly 21%!

A portion of that is down to my "Trouble" going into O'Neills every Friday and helping them out with her China's.

Pre-Close Trading Update

Trading Statement Thursday 10th.

First Quarter Trading Update