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

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.


more....

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