Half Year Results 2024

(For the 28 weeks ended 13 April 2024)

Highlights

• Strong trading performance with like-for-like sales^a growth of 7.0%
• Operating profit of £164m up 64% from prior year
• Improved operating margin of 11.7% (HY 2023 7.8%)
• Strong period of cash generation with inflow of £137m before bond amortisation
• Full year outturn expected to be at the top end of consensus, with momentum into FY 2025

Reported results

• Total revenue of £1,396m (HY 2023 £1,282m)
• Operating profit of £164m (HY 2023 £99m)
• Profit before tax of £108m (HY 2023 £40m)
• Basic earnings per share of 13.6p (HY 2023 5.4p)

Trading results

• Adjusted operating profit^a £164m (HY 2023 £100m)
• Adjusted earnings per share^a of 13.6p (HY 2023 5.5p)

Balance sheet and cash flow

• Cash inflow before bond amortisation of £137m (HY 2023 inflow £10m)
• Net debt^a reduced to £1,037m (HY 2023 £1,193m), excluding £449m of IFRS 16 lease liabilities (HY 2023 £467m)

Phil Urban, Chief Executive, commented:

“Continued like-for-like sales^a outperformance against the market^b coupled with easing inflationary costs and focus on efficiencies has resulted in very strong profit recovery for the period.

We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving further cost efficiencies and increased sales. We have confidence that continued focus on effective delivery of our strategic priorities will generate further value from our enviable estate portfolio and customer offers, enabling us to build further momentum throughout the year, with a strong foundation for 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: 762969 and at https://www.netroadshow.com/events/login?show=20ca7536&confId=65342.
The slides will also be available on the website at www.mbplc.com The replay will then be available at https://www.mbplc.com/hy2024/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.