Mitchells & Butlers plc (MAB) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.117 Good morning, ladies and gentlemen, and welcome to the prelims presentation for Mitchells 00:00:04.117 -- 00:00:09.584 and Butler's financial year 24-25. I'm pleased to be able to report 00:00:09.584 -- 00:00:14.471 another successful year where we outperformed the market once again in all categories. 00:00:14.471 -- 00:00:19.919 We delivered 4.3% life-life sales growth and 5.8% operating profit growth, 00:00:19.919 -- 00:00:24.205 despite the impact of employees' national insurance, which hit the second half by an 00:00:24.205 -- 00:00:29.139 unexpected 11 million. With the lowest team turnover the company has ever seen, the highest 00:00:29.139 -- 00:00:34.608 team engagement percentage, the highest guest review scores we've ever had, and a strong 00:00:34.608 -- 00:00:38.914 safety record, and the highest ever return on investment from our remodel programme, 00:00:38.914 -- 00:00:43.041 it feels like the business is set up for whatever challenges may lie ahead. 00:00:43.041 -- 00:00:46.606 And we are confident with a strong balance sheet, we have a very bright future ahead 00:00:46.606 -- 00:00:48.589 of us. 00:00:48.589 -- 00:00:52.996 We accept we have a tough year ahead, given our exposure to the currently very high red 00:00:52.996 -- 00:00:57.727 meat costs, But in igniting our capital programme, we are working hard to mitigate for 00:00:57.727 -- 00:01:02.193 this. In any case, this will be temporary and should not take the gloss of the underlying 00:01:02.193 -- 00:01:07.119 trajectory of the health of the business. And as 2030-31 gets ever closer, now nearer 00:01:07.119 -- 00:01:12.486 than COVID-19 is, when we see our debt to service costs drop by £130 million per annum, 00:01:12.486 -- 00:01:16.852 the business is ver...