Full Year Results 2023

(For the 53 weeks ended 30 September 2023)

Highlights

• Like-for-like sales^a growth for the period of 9.1% against FY2022 with record outperformance against the market^b
• Adjusted operating profit increased by 17.6% (52-weeks, net of government support)
• Cost headwinds starting to abate
• Purchase of Ego Restaurants will provide synergy and rollout opportunities
• Improved guest feedback and employee engagement scores

Reported results (53 week year)

• Total revenue of £2,503m (FY 2022 £2,208m)
• Operating profit of £98m (FY 2022 £124m)
• Profit/(loss) before tax of £(13)m (FY 2022 £8m)

Trading results

• Adjusted operating profit^a £221m on 52-week basis (FY 2022 £240m)
• Adjusted earnings per share^a 15.6p on 52-week basis (FY 2022 18.0p)

Balance sheet and cash flow

• Net debt^a reduced to £1,170m (FY 2022 £1,198m), excluding £463m of IFRS 16 lease liabilities (FY 2022 £481m)
• Refinancing of Revolving Credit Facility to July 2026, increased by £50m to £200m
• Successful buy-in of M&B Main pension scheme with no further pension contributions anticipated

Phil Urban, Chief Executive, commented:

“We are delighted by the continued strength of our trading performance, and resilience in the face of unprecedented cost headwinds. We have achieved good growth in underlying profit, excluding government support, with like-for-like sales^a growth across all of our brands, and record outperformance against the market^b. Whilst we remain mindful of the pressures that the UK consumer is facing, the strength of our sales growth alongside an abating cost environment gives us confidence for the financial year ahead.

We will remain focused on our strategic priorities delivered through our Ignite and capital programmes, which combined with our diverse portfolio of well-known brands, strong estate locations and talented people, leave us well positioned to rebuild margins back towards pre-pandemic levels.”

Definitions

a - The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group’s performance. APMs are explained later in this announcement.

b - Market performance as measured by CGA Business Tracker.

There will be a presentation held today at 8:30am accessible by phone on 0204 587 0498, access code: 029921
and at https://www.netroadshow.com/events/login?show=eb765856&confId=56017.

The slides will also be available on the website at www.mbplc.com The replay will then be available at http://www.mbplc.com/fy2023/analystspresentation

All disclosed documents relating to these results are available on the Group’s website at www.mbplc.com

For further information, please contact:

Note for editors:

Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's, Ember Inns and Ego Restaurants. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at www.mbplc.com and supporting photography can be downloaded at www.mbplc.com/imagelibrary.