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25/11/2021

Full Year Results 2021

Mitchells & Butlers company news

(For the 52 weeks ended 25 September 2021)

Highlights

  • A return to profitability and cash generation in the period since restrictions were lifted
  • FY 2021 like-for-like salesa declined by 9.6% impacted by Covid-19 related restrictions
  • Like-for-like salesa growth of 2.7% in last eight weeks since the end of the financial year with total sales in growth of 0.5%
  • Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements

Reported results

  • Total revenue of £1,065m (FY 2020 £1,475m)
  • Operating profit of £81m (FY 2020 £8m)
  • Loss before tax of £(42)m (FY 2020 £(123)m)
  • Basic loss per share of (11.5)p (FY 2020 (23.6)p)

Trading results

  • Adjusted operating profita £29m (FY 2020 £99m)
  • Second half sales of £846m (H2 FY 2020 £436m) demonstrating strong recovery on re-opening, full year revenue of £1,065m (FY 2020 £1,475m)
  • Adjusted second half operating profita £153m (H2 FY 2020 £(9)m)

Balance sheet and cash flow

  • Unsecured committed financing facilities of £150m to February 2024
  • Extended covenant waivers and amendments in place for the securitisation until Q4 2022
  • Cash inflow after bond amortisation of £70m (FY 2020 inflow £24m), including gross equity proceeds of £351m
  • Cash balances on hand of £227m at year end with liquidity facility fully repaid
  • Net debta reduced to £1,270m (FY 2020 £1,563m), excluding £513m of IFRS 16 lease liabilities (FY 2020 £541m)

Phil Urban, Chief Executive, commented:

"Despite the inevitable challenges faced by our business over the past year we are now well positioned to regain the momentum previously built as we come out of the pandemic.

The trading environment remains challenging and cost headwinds continue to put pressure on the sector. However, we have strengthened our balance sheet and returned to profitability and cash generation, allowing us to resume our capital plan and Ignite programme which will deliver sales and efficiency improvements to help combat these challenges. Demand for our well-loved brands has been demonstrated by an encouraging return to sustained like-for-like sales growth since restrictions have been lifted, and we are confident in our ability to continue our recovery as a market leading operator."

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. All sales measures are compared to FY 2019, being the last full year pre-Covid-19.

There will be a presentation held today at 8:30am accessible by phone on 0203 936 2999, access code: 456066 and www.incommuk.com/customers/online access code: 456066. The slides will also be available on the website at www.mbplc.com. The replay will be available until 9 December 2021 on 0203 936 3001, access code: 855923.

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

For further information, please contact:

Tim Jones – Chief Financial Officer+44(0)121 498 6112
Amy De Marsac – Investor Relations+44(0) 7712 538660
James Murgatroyd (Finsbury)+44(0)20 7251 3801

Notes 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 and Ember Inns. 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.

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