by Michael Susin
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.
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]