(For the 53 weeks ended 29 September 2012)
Positioning for long term growth
- EBITDA: £395m (FY 2011: £387m)
- Basic earnings per share, after property revaluation: 17.1p (FY 2011: 30.7p)
- Total revenue of £1,889m, up 3.3%a
- Like-for-like sales growth of 2.1%b, led by food sales
- Recovery in net operating margin in the second half
- Adjusted operating profit of £304mc, up 1.0%a after inflationary costs and investment into service and amenity
- Adjusted earnings per share of 30.5pc, up 6.4%a
- Net cash flow of £32md after expansionary capital of £55m
- Net debt of £1.8bn representing 4.5 times EBITDAe
- Like-for-like sales broadly flat in the first 8 weeks of FY 2013
- Business transformation programme underway to improve focus on the guest in all areas
- Central support functions and infrastructure reorganised with £6m saving delivered in FY 2012
- Increased investment in training and service; new training academy opened
- Guest satisfaction and retail employee engagement both improved 5 percentage points
- Building on enhanced technology platform to further improve the customer experience with more targeted marketing
- Award-winning brands and infrastructure projects: Harvester and Toby Carvery top Technomic satisfaction poll; Retail Systems Award for Best Use of Technology; Alex wins Consumer Focus award in Germany; M&B awarded Carbon Trust Standard for the second time.
- £37m reduction in property valuation, a 1% decrease excluding acquisitions and conversions
- 47 new site openings and 10 conversions in the period with expansionary capex of £55m
- EBITDA returns of 17% achieved on expansionary capex invested over the last two years
Bob Ivell, Non-executive Chairman, commented:
"This year we have initiated a significant cultural change programme focused on streamlining internal processes and placing the guest at the heart of everything we do. We have restructured the way we support our operations teams, reduced our central costs and increased the accountability of our senior executives for their brands. I am extremely pleased that we have delivered a resilient financial performance, during a period of such cultural and organisational change.
Since becoming Chairman my foremost priority has been to recruit the right person to lead the business as Chief Executive. Having appointed Alistair, my focus will now shift to enhancing the balance, skills and compliance of the Board through the selection of appropriately qualified independent Non-Executive Directors."
Alistair Darby, Chief Executive, commented:
"I am delighted to be leading a company with great people and popular branded pubs, bars and restaurants. M&B is well positioned to take maximum advantage of our evolving industry and we have the right strategy in place. I look forward to continuing the business transformation to deliver long term earnings growth and shareholder returns."