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Half Year 2022 Mitchells & Butlers PLC Earnings Call Transcript
Good morning. Thanks for joining us. I'm going to take you through the financial performance in the last 6 months. I'll focus a little bit on our recovery and sales, talk a bit about costs, our thoughts around cost inflation and what we're doing about it. And just outline our return to profitability and cash flow after what's been a fairly extraordinary 2 years.
Let me start with the P&L. Overall income statement, we made a profit in the first half of the year of GBP 120 million. The comparator, of course, don't really mean anything here because it was beset by multiple closure periods but strong profits in the 6 months and certainly starting to make real inroads on building back to where we were before the pandemic.
If we look at like-for-like sales on this slide by month, now of course we've had varying levels of VAT through the last year. But what you can see here is in the sort of the orange bars gives you our reported like-for-likes and then the blue line shows you an underlying sales performance, so it
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