Pubco sees profits drop as lockdown hits bottom line
Pubco Mitchells & Butlers saw its profits for for the 28 weeks to 11 April drop by almost a third as it counted the costs of the Covid-19 lockdown.
The company saw an operating profit of £151m in 2019 drop dramatically to £108m this year. Revenues also dropped by around £150m during the period.
The scale of the effect of the lockdown on the pub industry is shown by the fact that the results only include four weeks of enforced closures due to Covid-19.
Phil Urban, chief executive, said: “The business was performing very well before the enforced closure in response to Covid-19, building on the strengths of our estate of mainly freehold properties, our diversified and well-loved brands and our team’s industry leading operational skills. These assets, coupled with our early experience of re-opening in Germany, give us a clear plan for re-opening and ensure that we are well placed to continue to bring people and communities together and to keep Mitchells & Butlers at the forefront of the eating and drinking-out market.”