Energy bills set to double at Mitchells & Butlers
Birmingham pubco Mitchells & Butlers has said that its energy bills are set to almost double in the light of soaring utilities costs.
The firm told the London Stock Exchange this morning that the recent announcements of domestic and business energy price caps are welcomed both due to the impact on guest disposable income, and the reduction of cost downside to the business from potential further adverse market price increases.
A statement added: “However, we expect our total energy and utility costs to have increased to circa £150m for FY 2022 (FY 2019: £80m) and even with the cap in place anticipate a further increase on that for FY 2023. That is despite several initiatives underway to reduce our ongoing energy usage, including greater focus and review at a site level on energy efficiency, combined with investment initiatives such as the installation of voltage optimisers. We have currently bought forward approximately 20% of our requirements for the next financial year.”
Mitchells & Butlers posted a revenue rise of 1.1% for its full-year to September 24, with sales over the August Bank Holiday boosting year-end figures.
