Full Year Results 2024

(For the 52 weeks ended 28 September 2024)

Highlights

• Strong trading performance with like-for-like sales^a growth of 5.3%
• Operating profit of £312m up 41.2% from prior year on a 52-week basis
• Strengthened operating margin of 12.0% (FY 2023 9.0%)
• Strong period of cash generation driving a £197m reduction in net debt including leases

Reported results (FY 2023 53 weeks)

• Total revenue of £2,610m (FY 2023 £2,503m)
• Operating profit of £300m (FY 2023 £98m)
• Profit/(loss) before tax of £199m (FY 2023 £(13)m)
• Basic earnings/(loss) per share of 25.0p (FY 2023 (0.7)p)

Trading results (FY 2023 on an adjusted 52-week basis for ease of comparison)

• Adjusted operating profit^a £312m (FY 2023 £221m)
• Adjusted earnings per share^a of 26.4p (FY 2023 15.6p)

Balance sheet and cash flow

• Cash inflow before bond amortisation of £185m (FY 2023 £30m)
• Net debt^a reduced to £989m (FY 2023 £1,170m), excluding £447m of IFRS 16 lease liabilities (FY 2023 £463m)
• Pension schemes substantially de-risked with net surplus funding of £139m now recognised

Operational highlights

• Strong performances across all market segments
• Nearly 200 investment projects completed in the year yielding strong returns
• Record breaking team metrics demonstrating depth of engagement and talent

Current trading

• Strong start to FY 2025, like-for-like sales^a of 4.0% in the first seven weeks

Phil Urban, Chief Executive, commented:

“We are delighted by the very strong performance during the year. Like-for-like sales^a continued to outperform the market^b which, coupled with easing inflationary costs and focus on efficiencies, has resulted in very strong profit recovery.

We face increased inflationary cost headwinds in the year ahead. However, we shall remain focused on our established Ignite programme of initiatives and our successful capital investment programme, to drive further cost efficiencies and increased sales. Coupled with our market-leading estate and customer offers, we are confident that this will enable us to further grow market share and secure continued long-term outperformance.”

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 – As measured by the CGA Business Tracker.

There will be a presentation held today at 8:30am accessible by phone on 020 3936 2999, access code: 778658 and at https://www.netroadshow.com/events/login?show=61f6fdbc&confId=71552.

The slides will also be available on the website at www.mbplc.com. The replay will then be available at https://www.mbplc.com/fy2024/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, Ego Restaurants and Pesto. 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.