Business
Half-year Report
Half-year Report.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n \nRNS Number : 6660Y Mitchells & Butlers PLC 19 May 2016 \n\nMITCHELLS & BUTLERS PLC\n \n19 May 2016\n \nHALF YEAR RESULTS AND BUSINESS UPDATE\n \n(For the 28 weeks ended 9 April 2016)\n \n\n\n\n\n-\n\n\nStrong earnings growth; focus on driving profitable sales\n\n\n\n\n-\n\n\nReview of strategic options completed - focus on accelerating organic growth\n\n\n\n\n-\n\n\nClear operational plan in place and already under way \n\n\n\n\n \n \nFinancial performance\n \n\n\n\n\n-\n\n\nTotal revenue of £1,096m, down 1.5%\n\n\n\n\n-\n\n\nSales uplifts from invested sitesa in excess of 10% in first year offset by decline in uninvested estate to give overall like-for-like sales decline of 1.6%b\n\n\n\n\n-\n\n\nAdjusted operating profit of £156mc, up 2.0% \n\n\n\n\n-\n\n\nAdjusted operating margin 14.2%c (H1 2015: 13.7%)\n\n\n\n\n-\n\n\nAdjusted earnings per share of 15.7pc, up 9.0%\n\n\n\n\n-\n\n\nInterim dividend of 2.5p approved \n\n\n\n\n \nReported results\n \n\n\n\n\n-\n\n\nProfit before tax: £83m (H1 2015 £75m)\n\n\n\n\n-\n\n\nBasic earnings per share: 18.4p (H1 2015 14.4p)\n\n\n\n\n \nBalance sheet and cash flow\n \n\n\n\n\n-\n\n\nCapital expenditure £88m (H1 2015: £94m), including 4 new site openings and 22 conversions\n\n\n\n\n-\n\n\nFree cash flow before exceptional items of £34md (H1 2015: £50m)\n\n\n\n\n-\n\n\nNet debt of £1.86bn representing 4.2 times annualised adjusted EBITDAe (H1 2015 4.4 times)\n\n\n\n\n \nPhil Urban, Chief Executive, commented:\n \n\"In the first half we increased our adjusted earnings by 9.0%c. However, in order to accelerate the trading performance of the group there is much to do in our three priority areas: building a more balanced business; instilling a more commercial culture; and increasing the pace of execution and innovation.\n \nDuring the last six months we have completed a review of our strategic options. I am very clear that our best route for delivering sustainable returns for our shareholders is through the acceleration of organic growth: to maximise the return on the high-quality assets we own. Our plan, to reshape the estate and innovate in both existing and new offers for our guests, is now well under way and I have every confidence in its success.\"\n \n \n \n \n \n...