The Harvester and All Bar One owner said nearly all of its outlets had now reopened, with outdoor sales in the five weeks since 12 April running at about 37% below total pre-Covid levels.
“We … are confident, given the demand that we have seen so far since re-openings, that we will see strong consumer confidence in our brands supporting a rebound to profitability and cash generation once restrictions are fully eased.” the group said in the statement.
Mitchells & Butlers posted a loss of £200mln in the half-year to 10 April 2021, as revenues tumbled to £219mln from £1.04bn a year earlier.
At the start of the period, the group had 17% of its estate opened and traded under restrictions for 14 weeks.
Phil Urban, chief executive, said: “M&B was a high performing business coming into the pandemic. With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position.”
Net debt at the endof the period was £2bn, including lease liabilities, with the group raising £351mln through an open offer in February.
Cash and undrawn loans were £291mln at the end of the period.