Mitchells & Butlers FY 2021 Pretax Loss Narrowed on Recovery in Demand

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by Michael Susin

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Mitchells & Butler Plc on Thursday reported a narrower pretense loss for fiscal 2021 and said it is returning to profitability as demand recovers from pandemic-related shutdowns.

The UK pub-and-restaurant operator reported a pretax loss of £42 million ($56 million) for the year ended September 25, compared to a loss of GBP123 million for the previous fiscal year.

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Adjusted operating profit — one of the company’s preferred metrics that separates exceptional and other one-time items — fell from GBP99 million in fiscal 2020 to GBP29 million. The company made an operating profit of GBP153 million in the second half of the year. , compared to a loss of GBP9 million for the second half of FY20.

Revenue fell from GBP1.5 billion to GBP1.1 billion.

It added that sales on a similar basis fell 9.6% due to COVID-19 related restrictions. Similar sales have increased by 2.7% over the past eight weeks.

“We are encouraged by the demand we have seen since reopening, supporting a return to profitability and cash generation,” the company said.

Write to Michael Susin at [email protected]

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