(For the 52 weeks ended 24 September 2022)

Highlights

  • Like-for-like salesa growth for the year of 1.1% against FY 2019 (pre Covid-19)
  • Excluding the impact of utilities, profits broadly recovered to pre Covid-19 levels
  • Encouraging start to the new year with like-for-like salesa growth of 6.5% against FY 2022 in ten weeks since the end of the financial year (9.2% growth against FY 2019)

Reported results

  • Total revenue of £2,208m (FY 2021 £1,065m)
  • Operating profit of £124m (FY 2021 £81m)
  • Profit before tax of £8m (FY 2021 £(42)m loss)
  • Basic earnings per share of 2.2p (FY 2021 (11.5)p loss)

Trading results

  • Adjusted operating profita £240m (FY 2021 £29m)
  • Adjusted earnings per sharea 18.0p (FY 2021 (13.6)p loss)

Balance sheet and cash flow

  • Cash inflow before bond amortisation of £71m (FY 2021 inflow £174m, including gross equity proceeds of £351m)
  • Cash balances on hand of £190m at year end (FY 2021 £227m) with undrawn unsecured committed financing facilities of £150m to February 2024
  • Net debta reduced to £1,198m (FY 2021 £1,270m), excluding £481m of IFRS 16 lease liabilities (FY 2021 £513m)
  • Net assets increased to £2,143m (FY 2021 £2,104m)

Phil Urban, Chief Executive, commented:

"The trading environment remains highly challenging, with cost inflation continuing to put pressure on margins and we are ever mindful of the pressures that the UK consumer is facing. However, we are encouraged by the strength of sales growth at the end of last financial year which has improved further into the early weeks of this year.

We remain focused on the delivery of our Ignite programme with existing and new initiatives driving cost efficiencies and increased sales, alongside our capital investment programme. Combined with our diverse portfolio of well-known brands, value proposition, strong estate locations and talented people, we are well positioned to face both the challenges and opportunities ahead."

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.

There will be a presentation held today at 8:30am accessible by phone on 020 3936 2999, access code: 643020 and at https://www.netroadshow.com/events/login?show=dc48af11&confId=43454 The slides will also be available on the website at www.mbplc.com The replay will then be available at http://www.mbplc.com/fy2022/analystspresentation

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
George Kitchen – Investor Relations
+44(0)121 498 6514
James Murgatroyd (Finsbury)
+44(0)20 7251 3801

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 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.