Business
FULL YEAR RESULTS
FULL YEAR RESULTS.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n\nMITCHELLS & BUTLERS PLC\nLEI no: 213800JHYNDNB1NS2W10\n \n30 November 2023\n \nFULL YEAR RESULTS\n \n(For the 53 weeks ended 30 September 2023)\n \nHighlights\n\n\n\n\n-\n\n\nLike-for-like salesa growth for the period of 9.1% against FY 2022 with record outperformance against the marketb \n\n\n\n\n-\n\n\nAdjusted operating profit increased by 17.6% (52-weeks, net of government support)\n\n\n\n\n-\n\n\nCost headwinds starting to abate\n\n\n\n\n-\n\n\nPurchase of Ego Restaurants will provide synergy and rollout opportunities\n\n\n\n\n-\n\n\nImproved guest feedback and employee engagement scores\n\n\n\n\n \n\n\n\n\n\n\n\nReported results (53 week year)\n\n\n\n\n-\n-\n-\n\n\nTotal revenue of £2,503m (FY 2022 £2,208m)\nOperating profit of £98m (FY 2022 £124m)\nProfit/(loss) before tax of £(13)m (FY 2022 £8m)\n\n\n\n\n \nTrading results\n\n\n\n\n-\n\n\nAdjusted operating profita £221m on 52-week basis (FY 2022 £240m)\n\n\n\n\n-\n\n\nAdjusted earnings per sharea 15.6p on 52-week basis (FY 2022 18.0p)\n\n\n\n\n \nBalance sheet and cash flow\n\n\n\n\n-\n\n\nNet debta reduced to £1,170m (FY 2022 £1,198m), excluding £463m of IFRS 16 lease liabilities (FY 2022 £481m)\n\n\n\n\n-\n\n\nRefinancing of Revolving Credit Facility to July 2026, increased by £50m to £200m\n\n\n\n\n-\n\n\nSuccessful buy-in of M&B Main pension scheme with no further pension contributions anticipated\n\n\n\n\n \nPhil Urban, Chief Executive, commented:\n \n\"We are delighted by the continued strength of our trading performance, and resilience in the face of unprecedented cost headwinds. We have achieved good growth in underlying profit, excluding government support, with like-for-like salesa growth across all of our brands, and record outperformance against the marketb. Whilst we remain mindful of the pressures that the UK consumer is facing, the strength of our sales growth alongside an abating cost environment gives us confidence for the financial year ahead.\n \nWe will remain focused on our strategic priorities delivered through our Ignite and capital programmes, which combined with our diverse portfolio of well-known brands, strong estate locations and talented people, leave us well positioned to rebuild margins back towards pre-pandemic levels.\"\n\n\nDefinitions\n \na - The Directors us...