Mitchells & Butlers plc (MAB) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the prelims presentation for Mitchells and Butler's financial year 24-25. I'm pleased to be able to report another successful year where we outperformed the market once again in all categories. We delivered 4.3% life-life sales growth and 5.8% operating profit growth, despite the impact of employees' national insurance, which hit the second half by an unexpected 11 million. With the lowest team turnover the company has ever seen, the highest team engagement percentage, the highest guest review scores we've ever had, and a strong safety record, and the highest ever return on investment from our remodel programme, it feels like the business is set up for whatever challenges may lie ahead. And we are confident with a strong balance sheet, we have a very bright future ahead of us. We accept we have a tough year ahead, given our exposure to the currently very high red meat costs, But in igniting our capital programme, we are working hard to mitigate for this. In any case, this will be temporary and should not take the gloss of the underlying trajectory of the health of the business. And as 2030-31 gets ever closer, now nearer than COVID-19 is, when we see our debt to service costs drop by £130 million per annum, the business is very well placed to capitalise on any opportunities that may arise. I'll now hand over to Tim to take you through last year's results before I return to talk in more detail about where we are as a business and where we are heading. Thanks, Phil. Good morning, everybody. So let me start with the income statement. This year represented good growth, building further on what was a very, very strong count spec performance in the prior year. We maintained our sales outperformance to the sector throughout...