Full Year Results

About this update from Mitchells & Butlers Plc

[{"type":"text","content":"\n \n MITCHELLS & BUTLERS PLC \n LEI no: 213800JHYNDNB1NS2W10 \n 28 November 2025 \n   \n FULL YEAR RESULTS \n Another Year of Strong Trading Ahead of the Market \n (For the 52 weeks ended 27 September 2025) \n   \n Highlights \n \n \n \n \n - \n \n \n Strong trading ahead of the market b with like-for-like sales a growth of 4.3%  \n \n \n \n \n - \n \n \n Adjusted operating profit a of £330m up 5.8% from prior year \n \n \n \n \n - \n \n \n Increased adjusted operating margin a of 12.2% (FY 2024 12.0%) \n \n \n \n \n - \n \n \n Strong cash flows reducing net debt (excluding leases) by £146m \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n Reported results \n \n \n \n \n - \n - \n - \n \n \n Total revenue of £2,711m (FY 2024 £2,610m) \n Operating profit of £322m (FY 2024 £300m) \n Profit before tax of £238m (FY 2024 £199m) \n \n \n \n \n - \n \n \n Basic earnings per share of 29.7p (FY 2024 25.0p) \n   \n \n \n \n \n Trading results \n \n \n \n \n - \n \n \n Adjusted operating profit a £330m (FY 2024 £312m) \n \n \n \n \n - \n \n \n Adjusted earnings per share a of 30.9p (FY 2024 26.4p) \n \n \n \n \n   \n Balance sheet and cash flow \n \n \n \n \n - \n \n \n Net debt a reduced to £843m (FY 2024 £989m), excluding £434m of IFRS 16 lease liabilities (FY 2024 £447m) \n \n \n \n \n - \n \n \n Net asset value increased to 476p per share (FY 2024 433p) \n \n \n \n \n - \n \n \n Pension surplus used to offset against ongoing DC contributions equating to c.£10m pa \n \n \n \n \n   \n Operational highlights \n \n \n \n \n - \n \n \n Strong performances across all market segments \n \n \n \n \n - \n \n \n Accelerated capital programme delivering strong returns \n \n \n \n \n - \n \n \n Record non-financial metrics across guest, employee and safety scores \n \n \n \n \n   \n Current trading \n \n \n \n \n - \n \n \n Solid start to FY 2026, like-for-like sales a of 3.8% in the first eight weeks \n \n \n \n \n   \n   \n Phil Urban, Chief Executive, commented: \n   \n \"We are pleased to report another year of strong performance. Like-for-like sales a continued to outperform the market b across all segments, reinforcing the strength of our strategy and market positioning. Combined with disciplined operational execution, this delivered robust profit growth mitigating sector-wide cost headwinds. \n   \n As we look to the year ahead, we anticipate increased cost pressures across the sector. However, we remain confident in our ability to manage these challenges through our established Ignite improvement programme and disciplined capital investment strategy. Our market-leading estate and diversified guest propositions provide a strong foundation for resilience and growth, enabling us to capture incremental market share and deliver continued long-term outperformance\" \n   \n   \n   \n   \n   \n   \n   \n Definitions \n 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. \n   \n b - As measured by the CGA Business Tracker.  \n   \n There will be a presentation held today at 8:30am accessible by phone on 0203 936 2999, access code: 247263 and at https://www.netroadshow.com/events/login/LE9zwo4Aq8L56SCsV3LTjUWoMpQlWQqdcQD \n The slides will also be available on the website at www.mbplc.com . The replay will then be available at https://www.mbplc.com/fy2025/analystspresentation . \n   \n   \n   \n All disclosed documents relating to these results are available on the Group's website at www.mbplc.com \n   \n For further information, please contact: \n   \n \n \n \n \n Tim Jones - Chief Financial Officer \n \n \n +44 (0)121 498 6112 \n \n \n \n \n Amy de Marsac - Investor Relations \n \n \n +44 (0)121 498 6514 \n \n \n \n \n James Murgatroyd (FGS Global)                \n \n \n +44 (0)20 7251 3801 \n \n \n \n \n   \n Note for editors: \n 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, Ember Inns, Ego Restaurants and Pesto. 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 . \n   \n   \n   \n CURRENT TRADING AND OUTLOOK \n   \n We traded strongly throughout the year with like-for-like sales a growth of 4.3% built on strong performances across the brand portfolio. We remained ahead of the market b in each segment reported by the CGA Business Tracker, supported by broadly flat volumes across the period. Combined with disciplined cost control, further Ignite efficiencies and strong returns from our capital programme, this delivered growth of 5.8% in adjusted operating profit a to £330m (FY 2024 £312m) despite well publicised cost pressures.  \n   \n Over the most recent 8 weeks like-for-like sales a have strengthened from the final quarter of FY 2024, growing by 3.8% despite uncertainty ahead of the Chancellor's Autumn Budget.  Looking forward, Lumina Intelligence forecasts the UK eating out market to grow by 2.4% in 2026 (UK Eating Out Market Report, 2025), against which we expect to maintain our outperformance. \n   \n During FY 2026 we anticipate cost headwinds of c.£130m, representing slightly less than 6% of our cost base before mitigation, driven by annualisation of labour cost increases, plus further increases in the statutory thresholds, and increased levels of food cost inflation. This includes our preliminary assessment of the impact of the Chancellor's recent Autumn Budget, pending clarification of further detail. We believe that our strong market position, together with the success of our Ignite improvement programme, should enable us to continue to outperform the sector and leave us well positioned to mitigate these increases. \n   \n We remain focused on strengthening our balance sheet, which will enhance the resilience of the group and deliver further value to shareholders, principally through a transfer to equity. The Board do not feel that it will be efficient, particularly with regard to break costs and new debt issue costs, to consider a reset of the capital allocation strategy of the Group within the near term. Over time, and as the securitisation matures, the Board will however continue to monitor the position and shareholder returns will be considered alongside investment opportunities. \n   \n BUSINESS REVIEW \n   \n Total sales across the period were £2,711m reflecting 3.9% growth on FY 2024. Like-for-like sales a increased by 4.3% with strong performances through the brand portfolio. Adjusted operating profit a of £330m was 5.8% growth on last year (FY 2024 £312m) and a 0.2ppt increase in adjusted operating margin to 12.2% (FY 2024 12.0%). \n   \n We made a good start to the year with like-for-like sales a growth of 4.0% over the first seven weeks. Performance over the important three-week festive period was particularly strong with like-for-like sales a growth of 10.4%. Across the first quarter as a whole, like-for-like sales a remained well ahead of the market a , growing by 3.9% despite the notable adverse, albeit temporary, impact of very cold and stormy weather over the last couple of weeks.  \n   \n Sales remained resilient through the second quarter aided by good weather in late March, and with a particularly strong performance on Mother's Day.  Across the quarter, we recorded like-for-like sales a growth of 4.7%. \n   \n Third quarter growth remained strong and benefitted from the movement of Easter into the second half, with like-for-like sales a growth of 5.0%.  \n   \n Fourth quarter like-for-like sales a growth of 3.2% reflected robust performances in mid-market pub and pub restaurants balanced against slightly weaker sales in London within the M25 and in more premium businesses. \n   \n We have continued to consistently outperform the market b , as represented by the CGA Business Tracker, by c.3% over the financial year. Across the market segments reported on by CGA Business Tracker, Pubs and Pub Restaurants have seen the highest sales growth across the year, benefitting from periods of warmer weather.  The Restaurant segment has delivered broadly flat sales, which we have consistently outperformed. Bars have reported sales decline, with the late-night market being particularly challenged. This is the segment that we have least exposure to, but again we have outperformed significantly, with our offers appealing across a range of occasions with less exposure to late-night trade.  \n   \n Cost inflation headwinds over the financial year were in line with guidance at £100m, driven primarily by increased labour costs (including increased national insurance contributions which impacted the second half) and against a backdrop of stabilisation of overall energy costs. Strong and resilient sales growth, combined with effective delivery of our Ignite and capital programmes, have driven an increase in both profitability and margins. \n   \n The macro pressures impacting the sector have resulted in a decline in the number of licensed outlets of 0.5% in the year to June 2025, after a period of relative stability during 2024.  Leased businesses were most affected, with net closures of 3.3%. Independents reported a net reduction of 0.1% with net closures in food-led outlets offsetting growth in drink-led outlets.  Managed operators marginally increased outlet numbers by 0.7% despite a reduction in food-led outlets. The reduction of outlet numbers suggests that operators in certain segments of the market are no longer able to withstand the cost pressures impacting the sector. \n   \n OUR STRATEGIC PRIORITIES \n   \n Our strategy, based on three key pillars, has provided the foundation for our ongoing performance. We focus on maximising the value generated from our 83% freehold and long leasehold estate, utilising the diversity of our brand portfolio to grow market share with appeal across a broad range of consumer occasions, demographics and locations. Our range of offers is a particular strength during times of uncertainty, with familiar brands to suit a wide range of occasions, providing guests with the opportunity to adapt their drinking and eating out choices to meet their needs.   \n   \n Our Ignite improvement programme of work remains a key focus for the business. The programme enables our organisation to be agile in response to the evolving external environment, facilitating change whilst maximising the power of our scale. We have around 40 initiatives underway across a range of areas, all focused on driving sales and delivering cost efficiencies.  Sales focused initiatives deliver enhanced guest experiences in a variety of ways and continue to reap rewards, reflected in sustained like-for-like sales a growth as well as continued market outperformance on guest review scores, which averaged 4.6 out of 5.0 over the financial year.  During the year we have expanded our guest feedback surveys to include reviews of dishes, enabling us to use additional data driven insights to evolve our menus to better satisfy guest needs.  \n   \n Enhancing productivity and efficiency to help mitigate inflationary costs remains an important focus.  We have a number of initiatives in place designed to improve efficiency, including optimisation of our labour scheduling system which assists General Managers in achieving an effective balance of team to maximise sales across day parts, as well as our auto-ordering system which helps to reduce instances of stock outs and to minimise waste. \n   \n A number of initiatives deliver commercial savings whilst also contributing to our sustainability objectives.  We have continued the roll out of remote control in-site energy systems which have delivered energy consumption savings across our estate. Remote control of heating, for example, provides a significant opportunity to reduce consumption whilst also relieving our managers of one of their many daily tasks, allowing them to focus on guests.  In addition, during the year we realised an opportunity in packaging, following a market transition to exchange glass bottles for cans in certain soft drinks, delivering cost savings and environmental benefits through lower emission packaging. \n   \n Our capital programme continues to deliver significant value through improving the competitive position of our pubs and restaurants within their local markets.  We are committed to prioritising investment in our estate and this year we expanded the programme, investing £181m and completing 216 investment projects comprising 199 remodels, 13 conversions and 4 acquisitions.  We are generating very strong returns, currently c.35% on remodels, justifying an increasing allocation of capital to this area as we look to re-establish an average 7-year investment cycle. \n   \n PEOPLE \n   \n Our people bring our brands to life and are critical in the success of the business. We are delighted that engagement scores have continued to improve over the period and believe this is representative of the commitment of our teams to deliver the change needed to navigate the challenging operating environment and ultimately to drive the future success of the business.  Pleasingly, employee turnover has also continued to improve reaching record levels of 55% (FY 2024 64%) supported by improved internal succession rates, reflecting the strength of our training and progression opportunities.  For a number of years, we have been able to evidence the strong correlation between employee engagement scores, guest satisfaction and sales performance and this has proven to be the case once again over the course of FY 2025.  \n   \n Our sustained progress across key people metrics, despite a persistently challenging recruitment environment, underscores the effectiveness of our talent strategy - successfully attracting high-calibre individuals, enhancing capability through structured development programmes, and supporting long-term retention via clear and compelling career progression pathways. \n   \n SUSTAINABILITY \n   \n We are committed to reducing the environmental impact of our business and are pleased with the progress we have made against our challenging targets.  We have committed to: \n   \n -    Net Zero emissions by 2040, including scope 1, 2 and 3 \n Progress: We have reduced our total footprint by 16% from our 2019 baseline year, comprising a reduction in scope 1 and 2 emissions of 22% driven by energy consumption reduction and reduced reliance on gas as an energy source, and scope 3 reduction of 15% reflecting progress made in partnership with our suppliers to reduce the impact of our supply chain.  \n   \n -    Zero operational waste to landfill by 2030 \n Progress: We now divert 99% of waste from landfill and are confident of achieving our target ahead of 2030. In addition, we have increased recycling rates to 60% with enhanced segregation and a focus on engagement and behaviour change in sites. \n   \n -    50% reduction in food waste by 2030 \n Progress: To date we have successfully reduced our food waste by 23% from our 2019 baseline, with progress both in sites and in the supply chain. We are focused on operational practices to reduce waste and have effective partnerships in place with Fareshare and Too Good To Go to redistribute unavoidable surplus food. \n   \n We remain focused on working towards our sustainability goals, with numerous initiatives underway to support these ambitions and we were delighted to again receive the award for the Most Sustainable Pub Company at this year's Publican Awards. We have continued to invest in sustainability capital, we now have 244 sites with solar panels, and significant further opportunity to grow our production of renewable energy. We have made good progress in the electrification of sites to reduce our reliance on gas as an energy source, having removed gas fully from 24 sites (FY 2024 5 sites) and electrified 100 kitchens (FY 2024 60). In addition, we are investing in technology which allows us to remotely control high energy consumption equipment across the estate, opening up the opportunity for energy consumption savings without requiring intervention from our teams. \n   \n Our teams are vital to the delivery of progress.  We provide support for these types of initiatives through our dedicated network of sustainability ambassadors, as well as centrally developed online training. We know that our people are passionate about improving the environmental impact of our business and are pleased to deliver continued progress in this area further enhancing our employer proposition. \n   \n \n \n   \n FINANCIAL REVIEW \n   \n On a statutory basis, profit before tax for the financial year was £238m (FY 2024 £199m), on sales of £2,711m (FY 2024 £2,610m).   \n   \n The Group Income Statement discloses adjusted profit and earnings per share information that excludes separately disclosed items, determined by virtue of their size or nature, to allow a more effective comparison of the Group's trading performance from one period to the next. \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Statutory \n \n \n Adjusted a \n \n \n \n \n \n \n \n FY 2025 \n \n \n FY 2024 \n \n \n FY 2025 \n \n \n FY 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Revenue \n \n \n 2,711 \n \n \n 2,610 \n \n \n 2,711 \n \n \n 2,610 \n \n \n \n \n Operating profit \n \n \n 322 \n \n \n 300 \n \n \n 330 \n \n \n 312 \n \n \n \n \n Profit before tax \n \n \n 238 \n \n \n 199 \n \n \n 246 \n \n \n 211 \n \n \n \n \n Earnings per share \n \n \n 29.7p \n \n \n 25.0p \n \n \n 30.9p \n \n \n 26.4p \n \n \n \n \n Operating margin \n \n \n 11.9% \n \n \n 11.5% \n \n \n 12.2% \n \n \n 12.0% \n \n \n \n \n At the end of the period, the total estate comprised 1,718 sites in the UK and Germany of which 1,631 are directly managed. \n   \n Revenue \n   \n Total revenue of £2,711m (FY 2024 £2,610m) reflects a strong period of trading driven by sustained like-for-like sales a growth. \n   \n Like-for-like sales a in the first half increased by 4.3%, comprising an increase in like-for-like food sales a of 3.8% and of like-for-like drink sales a of 4.3% driven by strengthening spend per head. Over the second half like-for-like sales a grew by 4.2% and remained consistently ahead of the market b . Volumes of both food and drink were broadly flat across the year. Other trading revenue lines (primarily from accommodation and machines) grew at a slightly greater rate than food and drink in the year. \n   \n The current underlying rate of growth of like-for-like sales a , as measured over the first 8 weeks of the new financial period, is 3.8%. \n   \n Like-for-like sales a : \n \n \n \n \n \n \n \n Weeks 1-15 \n Q1 \n   \n   \n \n \n Weeks 16-28 \n Q2 \n   \n \n \n Weeks 29-42 \n Q3 \n   \n \n \n Weeks 43-52 \n Q4 \n \n \n Weeks 1-52 \n YTD \n \n \n \n \n Food \n \n \n 4.0% \n \n \n 3.6% \n \n \n 4.9% \n \n \n  3.4% \n \n \n 4.0% \n \n \n \n \n Drink \n \n \n 3.6% \n \n \n 5.1% \n \n \n 4.8% \n \n \n  2.3% \n \n \n 4.0% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total \n \n \n 3.9% \n \n \n 4.7% \n   \n \n \n 5.0% \n \n \n  3.2% \n \n \n 4.3% \n \n \n \n \n   \n Total sales grew by 3.9% against last financial year. \n   \n   \n \n \n   \n Separately disclosed items \n Separately disclosed items are identified due to their nature or materiality to help the reader form a view of overall and adjusted trading.    \n   \n Revaluation and impairment assessment has resulted in a £94m increase in the value of property, plant and equipment (as set out in Note 6 to the consolidated financial statements). Within this a net £6m increase is separately disclosed in the income statement comprising an £11m increase arising from the revaluation of freehold and long leasehold sites, less a £5m impairment of short leasehold and unlicensed properties. Further impairment of £9m is separately disclosed relating to right-of-use assets and goodwill. \n   \n Other separately disclosed items include £3m charge in relation to the amendment of past service costs of defined benefit obligations, an increase of £3m (on remeasurement) of the contingent consideration relating to the acquisition of Pesto and net profit arising on property disposals of £1m.  Refer to Note 3 to the consolidated financial statements for comparative information. \n   \n Operating profit and margins a \n   \n Adjusted operating profit a was £330m (FY 2024 £312m), an increase of 5.8% on a 52-week basis.  Adjusted operating margin of 12.2% was 0.2ppts higher than last year with strong like-for-like sales a growth and operating efficiencies offsetting cost headwinds. Statutory operating profit was £322m (FY 2024 £300m) with statutory operating profit margin of 11.9% (FY 2024 11.5%). \n   \n The aggregate cost headwind for the financial year of £100m represented c.5% of our cost base of c.£2.0 billion, driven primarily by labour costs including increases to the statutory National Living Wage and a second half increase in employer national insurance contributions.  Looking forward to FY 2026, we anticipate an increase in the level of cost inflation, to c.£130m, representing slightly less than 6% of our cost base before mitigation. The increase is driven by the annualisation of labour cost increases, plus further increases in statutory thresholds and high increases in food costs, notably meat. This includes our preliminary assessment of the impact of the Chancellor's recent Autumn Budget, pending clarification of further detail. \n   \n Interest \n   \n Net finance costs of £91m (FY 2024 £99m) for the financial year were £8m lower than the same period last year. The net pensions finance credit of £7m reflects the recognition of the net surplus funding position (FY 2024 charge of £2m). \n   \n Earnings per share \n   \n Basic earnings per share, after the separately disclosed items described above, were 29.7p (FY 2024 earnings 25.0p), with adjusted earnings per share a of 30.9p (FY 2024 26.4p). \n   \n The basic weighted average number of shares in the period was 595m and the total number of shares issued at the balance sheet date was 599m. \n   \n \n \n   \n \n \n \n \n Cash flow \n   \n \n \n \n \n \n \n \n FY 2025 \n \n \n       FY 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n EBITDA before movements in the valuation of the property portfolio \n \n \n 460 \n \n \n 444 \n \n \n \n \n Non-cash share-based payment and pension costs and other \n \n \n 15 \n \n \n 10 \n \n \n \n \n Utilisation of pension surplus for DC contributions \n \n \n 9 \n \n \n - \n \n \n \n \n Operating cash flow before movements in working capital and additional pension contributions \n \n \n 484 \n \n \n 454 \n \n \n \n \n Working capital movement \n \n \n (15) \n \n \n 15 \n \n \n \n \n Pension escrow return \n \n \n 12 \n \n \n 35 \n \n \n \n \n Pension payments \n \n \n (1) \n \n \n (1) \n \n \n \n \n Cash flow from operations \n \n \n 480 \n \n \n 503 \n \n \n \n \n Capital expenditure \n \n \n (181) \n \n \n (154) \n \n \n \n \n Acquisition of Pesto Restaurants Limited \n \n \n - \n \n \n (2) \n \n \n \n \n Net finance lease principal payments \n \n \n (39) \n \n \n (40) \n \n \n \n \n Interest on lease liabilities \n \n \n (14) \n \n \n (17) \n \n \n \n \n Net interest paid \n \n \n (73) \n \n \n (82) \n \n \n \n \n Tax \n \n \n (24) \n \n \n (18) \n \n \n \n \n Purchase of own shares \n \n \n (5) \n \n \n (7) \n \n \n \n \n Other \n \n \n 2 \n \n \n 2 \n \n \n \n \n Net cash flow before bond amortisation \n \n \n 146 \n \n \n 185 \n \n \n \n \n Mandatory bond amortisation \n \n \n (130) \n \n \n (123) \n \n \n \n \n Net cash flow \n \n \n 16 \n \n \n 62 \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n EBITDA, before movements in the valuation of the property portfolio, increased largely as a result of the improved trading performance to £460m.  Net cash inflow for the period before bond amortisation of £146m (FY 2024 £185m) benefitted from a final pension escrow return of £12m in addition to £9m utilisation of pension surplus towards ongoing DC contributions plus a further £3m utilisation against death in service benefits and AVCs in respect of prior year bonus payments.  Working capital flows reversed to an outflow of £15m, on timing differences, and capital expenditure increased to £181m with acceleration of the investment programme based on strong returns. \n   \n After all outgoings, including mandatory bond amortisation of £130m (including the net impact of currency swaps), cash inflow was £16m (FY 2024 £62m). \n \n \n   \n Capital expenditure \n   \n Capital expenditure of £181m ( FY 2024 £154m, including £2m intangible assets) comprises £169m from the purchase of property, plant and equipment and £12m in relation to the purchase of intangible assets. \n   \n \n \n \n \n \n \n \n FY 2025 \n \n \n FY 2024 \n \n \n \n \n \n \n \n £m \n \n \n # \n \n \n £m \n \n \n # \n \n \n \n \n Maintenance and infrastructure   \n \n \n 65 \n \n \n   \n \n \n 58 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remodels - refurbishment \n \n \n 91 \n \n \n 193 \n \n \n 69 \n \n \n 170 \n \n \n \n \n Remodels - expansionary \n \n \n 2 \n \n \n 6 \n \n \n 2 \n \n \n 8 \n \n \n \n \n Conversions \n \n \n 14 \n \n \n 13 \n \n \n 10 \n \n \n 11 \n \n \n \n \n Acquisitions - freehold \n \n \n 5 \n \n \n 2 \n \n \n 12 \n \n \n 4 \n \n \n \n \n Acquisitions - leasehold \n \n \n 4 \n \n \n 2 \n \n \n 3 \n \n \n 2 \n \n \n \n \n Total return generating capital expenditure \n \n \n 116 \n \n \n 216 \n \n \n 96 \n \n \n 195 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total capital expenditure \n \n \n 181 \n \n \n   \n \n \n 154 \n \n \n   \n \n \n \n \n   \n Maintenance and infrastructure spend included investment of £10m towards our sustainability ambitions, such as solar panels and remote equipment control technology. Digital and technology investment increased to £16m (FY 2024 £6m) due to upgrade and replacement of in-house devices and network and hosting equipment. \n   \n During the period we have made good progress on increasing the number of completed investment projects, and we remain committed to resumption of an average seven-year refurbishment cycle across our estate, justified by the strong returns we are generating in this area of c.35% on remodels. To that end we expect capital expenditure to increase further in FY 2026, to c.£210m, with additional potential for new site acquisitions. \n   \n Pensions \n   \n In the prior period the Trustees of the Mitchells & Butlers Executive Pension Plan (MABEPP) completed a full scheme buy-out of the liabilities of the plan. Subsequent to that, and in the current period, the scheme has been wound up with all escrow monies repaid and a surplus cash balance of £3m transferring to the Mitchells & Butlers Pension Plan (MABPP). \n   \n The Trustees of MABPP have resolved that any surplus arising in that plan can be used to pay for the employer contributions to the defined contribution section of MABPP. During the period, the MABPP surplus has funded the settlement of £12m of the Company's employer contributions, AVC's in respect of prior year bonus payments and death in service benefits. \n   \n One further scheme remains. This is closed and unfunded and has estimated liabilities of £22m, before tax. \n   \n Net debt and facilities \n   \n Net debt a at the period end reduced to £1,277m, comprised of £843m non-lease liabilities and lease liabilities of £434m (FY 2024 £1,436m comprised of £989m non-lease liabilities and lease liabilities of £447m). This represents a multiple of 2.7 times EBITDA over the last year including lease liabilities (1.8 times excluding these liabilities). \n   \n Further details of existing debt arrangements and an analysis of net debt can be found in Note 9 to the consolidated financial statements and at https://www.mbplc.com/infocentre/debtinformation/ .  \n   \n   \n   \n   \n   \n   \n Going Concern \n   \n After considering forecasts, sensitivities and mitigating actions available to management and having regard to risks and uncertainties, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate within its borrowing facilities and covenants for a period of at least 12 months from the date of signing the financial statements. Accordingly, the financial statements have been prepared on the going concern basis. Full details are included in Note 1 to the consolidated financial statements. \n   \n Director's responsibility statement \n   \n We confirm that to the best of our knowledge:  \n -      the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole; and  \n -      the strategic report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.  \n   \n This responsibility statement was approved by the Board of Directors on 27 November 2025 and is signed on its behalf by: \n   \n Tim Jones \n Chief Financial Officer \n 27 November 2025 \n   \n   \n Definitions \n   \n a - The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance. Key measures are explained later in this announcement. \n   \n b - As measured by the CGA Business Tracker.  \n   \n   \n \n \n   \n \n \n \n \n Group income statement \n \n \n \n \n For the 52 weeks ended 27 September 2025 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Before \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Before \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n separately disclosed \n \n \n \n \n \n Separately disclosed \n \n \n \n \n \n \n \n \n \n \n \n separately disclosed \n \n \n \n \n \n Separately disclosed \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n items \n \n \n \n \n \n items a \n \n \n \n \n \n Total \n \n \n \n \n \n items \n \n \n \n \n \n items a \n \n \n \n \n \n Total \n \n \n   \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Revenue \n \n \n 2 \n \n \n 2,711  \n \n \n \n \n \n -  \n \n \n \n \n \n 2,711  \n \n \n \n \n \n 2,610  \n \n \n \n \n \n -  \n \n \n \n \n \n 2,610  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Operating costs before depreciation, amortisation and movements in the valuation of the property portfolio \n \n \n \n \n \n (2,246) \n \n \n \n \n \n                  (6)  \n \n \n \n \n \n (2,252) \n \n \n \n \n \n (2,168) \n \n \n \n \n \n                  -  \n \n \n \n \n \n (2,168) \n \n \n   \n \n \n \n \n Net profit arising on property disposals \n \n \n 3 \n \n \n -  \n \n \n \n \n \n   \n 1   \n \n \n \n \n \n 1  \n \n \n \n \n \n -  \n \n \n \n \n \n   \n 2  \n \n \n \n \n \n 2 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n EBITDA b before movements in the valuation of the property portfolio \n \n \n \n \n \n 465  \n \n \n \n \n \n (5)  \n \n \n \n \n \n 460  \n \n \n \n \n \n 442  \n \n \n \n \n \n 2  \n \n \n \n \n \n 444  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Depreciation, amortisation and movements in the valuation of the property portfolio \n \n \n 3 \n \n \n (135) \n \n \n \n \n \n (3) \n \n \n \n \n \n (138) \n \n \n \n \n \n (130) \n \n \n \n \n \n (14) \n \n \n \n \n \n (144) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Operating profit/(loss) \n \n \n \n \n \n 330  \n \n \n \n \n \n (8) \n \n \n \n \n \n 322  \n \n \n \n \n \n 312  \n \n \n \n \n \n (12) \n \n \n \n \n \n 300  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Finance costs \n \n \n 10 \n \n \n (100) \n \n \n \n \n \n                  -  \n \n \n \n \n \n (100) \n \n \n \n \n \n (109) \n \n \n \n \n \n                                 -  \n \n \n \n \n \n (109) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Finance income \n \n \n 10 \n \n \n 9  \n \n \n \n \n \n -  \n \n \n \n \n \n 9  \n \n \n \n \n \n 10  \n \n \n \n \n \n -  \n \n \n \n \n \n 10  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net pensions finance income/(charge) \n \n \n 10, 11 \n \n \n 7  \n \n \n \n \n \n -  \n \n \n \n \n \n 7  \n \n \n \n \n \n (2) \n \n \n \n \n \n -  \n \n \n \n \n \n (2) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 246  \n \n \n \n \n \n (8) \n \n \n \n \n \n 238  \n \n \n \n \n \n 211  \n \n \n \n \n \n (12) \n \n \n \n \n \n 199  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Tax (charge)/credit \n \n \n 4 \n \n \n (62) \n \n \n \n \n \n 1  \n \n \n \n \n \n (61) \n \n \n \n \n \n (54) \n \n \n \n \n \n   4   \n \n \n \n \n \n (50) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit/(loss) for the period \n \n \n \n \n \n 184  \n \n \n \n \n \n (7) \n \n \n \n \n \n               \n 177  \n \n \n \n \n \n                   157  \n \n \n \n \n \n (8) \n \n \n \n \n \n                   149  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Earnings per ordinary share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Basic \n \n \n 5 \n \n \n 30.9p \n \n \n \n \n \n \n \n \n \n \n \n 29.7p \n \n \n \n \n \n 26.4p \n \n \n \n \n \n \n \n \n \n \n \n 25.0p  \n \n \n   \n \n \n \n \n \n \n \n Diluted \n \n \n 5 \n \n \n 30.6p \n \n \n \n \n \n \n \n \n \n \n \n 29.5p \n \n \n \n \n \n 26.2p \n \n \n \n \n \n \n \n \n \n \n \n 24.8p  \n \n \n   \n \n \n \n \n   \n \n \n \n \n a. \n \n \n Separately disclosed items are explained and analysed in note 3. \n \n \n \n \n b. \n \n \n Earnings before interest, tax, depreciation, amortisation and movements in the valuation of the property portfolio.  The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance.  Key measures are explained later in this announcement. \n \n \n \n \n   \n All results relate to continuing operations. \n   \n \n \n \n \n Group statement of comprehensive income \n \n \n \n \n For the 52 weeks ended 27 September 2025 \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n 177  \n \n \n \n \n \n 149  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unrealised gain on revaluation of the property portfolio \n \n \n 6 \n \n \n   88  \n \n \n \n \n \n   254  \n \n \n \n \n Remeasurement of pension liability \n \n \n 11 \n \n \n (18) \n \n \n \n \n \n 166  \n \n \n \n \n Tax relating to items not reclassified \n \n \n 4 \n \n \n (13) \n \n \n \n \n \n (116) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 57  \n \n \n \n \n \n 304  \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow hedges: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Gain/(losses) arising during the period \n \n \n \n \n \n 10   \n \n \n \n \n \n (34)  \n \n \n \n \n - Reclassification adjustments for items included in profit or loss \n \n \n \n \n \n 5   \n \n \n \n \n \n 11   \n \n \n \n \n Tax relating to items that may be reclassified \n \n \n 4 \n \n \n (4)  \n \n \n \n \n \n 6   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n 11  \n \n \n \n \n \n (17)  \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income after tax \n \n \n \n \n \n 68  \n \n \n \n \n \n 287  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n 245  \n \n \n \n \n \n 436  \n \n \n \n \n   \n \n   \n \n \n \n \n \n Group balance sheet \n \n \n \n \n   \n \n \n \n \n 27 September 2025 \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill and other intangible assets \n \n \n \n \n \n 28  \n \n \n \n \n \n 20  \n \n \n \n \n Property, plant and equipment \n \n \n 6, 8 \n \n \n 4,591  \n \n \n \n \n \n 4,419  \n \n \n \n \n Right-of-use assets \n \n \n 7, 8 \n \n \n 291  \n \n \n \n \n \n 307  \n \n \n \n \n Finance lease receivables \n \n \n \n \n \n 10  \n \n \n \n \n \n 11  \n \n \n \n \n Pension surplus \n \n \n 11 \n \n \n 132  \n \n \n \n \n \n 164  \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n 2  \n \n \n \n \n \n 3  \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n 15  \n \n \n \n \n \n 19  \n \n \n \n \n   \n Total non-current assets \n \n \n \n \n \n                               \n 5,069  \n \n \n \n \n \n                         \n 4,943  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 26  \n \n \n \n \n \n 27  \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 79  \n \n \n \n \n \n 98  \n \n \n \n \n Current tax asset \n \n \n \n \n \n 2  \n \n \n \n \n \n -   \n \n \n \n \n Finance lease receivables \n \n \n \n \n \n 1  \n \n \n \n \n \n 1  \n \n \n \n \n Cash and cash equivalents \n \n \n 9 \n \n \n 216  \n \n \n \n \n \n 176  \n \n \n \n \n Total current assets \n \n \n \n \n \n 324  \n \n \n \n \n \n 302  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 5,393  \n \n \n \n \n \n 5,245  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pension liabilities \n \n \n 11 \n \n \n (1) \n \n \n \n \n \n (1) \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (473) \n \n \n \n \n \n (482) \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n -  \n \n \n \n \n \n (1) \n \n \n \n \n Borrowings \n \n \n 9 \n \n \n (174) \n \n \n \n \n \n (143) \n \n \n \n \n Lease liabilities \n \n \n 7 \n \n \n (42) \n \n \n \n \n \n (33) \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n (4) \n \n \n \n \n \n (2) \n \n \n \n \n   \n Total current liabilities \n \n \n \n \n \n                                               (694) \n \n \n \n \n \n                                  (662) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pension liabilities \n \n \n 11 \n \n \n (21) \n \n \n \n \n \n (24) \n \n \n \n \n Other payables \n \n \n 13 \n \n \n -  \n \n \n \n \n \n (8) \n \n \n \n \n Borrowings \n \n \n 9 \n \n \n (900) \n \n \n \n \n \n (1,041) \n \n \n \n \n Lease liabilities \n \n \n 7 \n \n \n (392) \n \n \n \n \n \n (414) \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n (11) \n \n \n \n \n \n (27) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (546) \n \n \n \n \n \n (491) \n \n \n \n \n Provisions \n \n \n \n \n \n (13) \n \n \n \n \n \n (12) \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n (1,883) \n \n \n \n \n \n (2,017) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n (2,577) \n \n \n \n \n \n (2,679) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n 2,816  \n \n \n \n \n \n 2,566  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Called up share capital \n \n \n 12 \n \n \n 51  \n \n \n \n \n \n 51  \n \n \n \n \n Share premium account \n \n \n 12 \n \n \n 358  \n \n \n \n \n \n 357  \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 3  \n \n \n \n \n \n 3  \n \n \n \n \n Revaluation reserve \n \n \n \n \n \n 1,209  \n \n \n \n \n \n 1,143  \n \n \n \n \n Own shares held \n \n \n \n \n \n (10) \n \n \n \n \n \n (9) \n \n \n \n \n Hedging reserve \n \n \n \n \n \n (10) \n \n \n \n \n \n (21) \n \n \n \n \n Translation reserve \n \n \n \n \n \n 14  \n \n \n \n \n \n 14  \n \n \n \n \n Retained earnings \n \n \n \n \n \n 1,201  \n \n \n \n \n \n 1,028  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 2,816  \n \n \n \n \n \n 2,566  \n \n \n \n \n   \n \n \n   \n \n \n \n \n Group statement of changes in equity \n \n \n \n \n For the 52 weeks ended 27 September 2025 \n \n \n \n \n   \n \n \n \n \n \n \n \n Called \n \n \n \n \n \n Share \n \n \n \n \n \n Capital \n \n \n \n \n \n \n \n \n \n \n \n Own \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n up share \n \n \n \n \n \n premium \n \n \n \n \n \n redemption \n \n \n \n \n \n Revaluation \n \n \n \n \n \n shares \n \n \n \n \n \n Hedging \n \n \n \n \n \n Translation \n \n \n \n \n \n Retained \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n capital \n \n \n \n \n \n account \n \n \n \n \n \n reserve \n \n \n \n \n \n reserve \n \n \n \n \n \n held \n \n \n \n \n \n reserve \n \n \n \n \n \n reserve \n \n \n \n \n \n earnings \n \n \n \n \n \n equity \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n At 30 September 2023 \n \n \n 51  \n \n \n \n \n \n 357 \n \n \n \n \n \n 3  \n \n \n \n \n \n 951 \n \n \n \n \n \n (5) \n \n \n \n \n \n (4) \n \n \n \n \n \n 14 \n \n \n \n \n \n 763  \n \n \n \n \n \n 2,130  \n \n \n \n \n Profit for the period \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 149  \n \n \n \n \n \n 149  \n \n \n \n \n Other comprehensive income/(expense) \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 192  \n \n \n \n \n \n -  \n \n \n \n \n \n (17)  \n \n \n \n \n \n -  \n \n \n \n \n \n 112  \n \n \n \n \n \n 287  \n \n \n \n \n Total comprehensive income)/(expense) \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 192  \n \n \n \n \n \n -  \n \n \n \n \n \n (17)  \n \n \n \n \n \n -  \n \n \n \n \n \n 261  \n \n \n \n \n \n 436  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of shares \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (7)  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (7)  \n \n \n \n \n Release of shares \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 3   \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (3)  \n \n \n \n \n \n -  \n \n \n \n \n Credit in respect of share-based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 6   \n \n \n \n \n \n 6  \n \n \n \n \n Tax on share based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 1  \n \n \n \n \n \n 1  \n \n \n \n \n At 28 September 2024 \n \n \n 51  \n \n \n \n \n \n 357 \n \n \n \n \n \n 3  \n \n \n \n \n \n 1,143 \n \n \n \n \n \n (9) \n \n \n \n \n \n (21)  \n \n \n \n \n \n 14  \n \n \n \n \n \n 1,028   \n \n \n \n \n \n   \n  2,566  \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 177  \n \n \n \n \n \n 177  \n \n \n \n \n Other comprehensive income/(expense) \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 66  \n \n \n \n \n \n -  \n \n \n \n \n \n 11   \n \n \n \n \n \n -  \n \n \n \n \n \n (9)  \n \n \n \n \n \n 68  \n \n \n \n \n  Total comprehensive income \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 66  \n \n \n \n \n \n -  \n \n \n \n \n \n 11   \n \n \n \n \n \n -  \n \n \n \n \n \n 168  \n \n \n \n \n \n 245  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital issued \n \n \n -  \n \n \n \n \n \n 1  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 1   \n \n \n \n \n Purchase of shares \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (5)  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (5)  \n \n \n \n \n Release of shares \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 4   \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n (4)  \n \n \n \n \n \n -  \n \n \n \n \n Credit in respect of share-based payments \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n 9   \n \n \n \n \n \n 9  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 27 September 2025 \n \n \n 51  \n \n \n \n \n \n 358 \n \n \n \n \n \n 3  \n \n \n \n \n \n 1,209 \n \n \n \n \n \n (10) \n \n \n \n \n \n (10)  \n \n \n \n \n \n 14  \n \n \n \n \n \n 1,201   \n \n \n \n \n \n   \n  2,816 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     \n   \n \n \n \n \n \n Group cash flow statement \n \n \n \n \n For the 52 weeks ended 27 September 2025 \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Cash flow from operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n \n \n \n        322  \n \n \n \n \n \n                 300  \n \n \n \n \n Add back/(deduct): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in the valuation of the property portfolio \n \n \n 3 \n \n \n 3  \n \n \n \n \n \n 14  \n \n \n \n \n Net profit arising on property disposals \n \n \n 3 \n \n \n (1) \n \n \n \n \n \n (2) \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 6 \n \n \n 96  \n \n \n \n \n \n 92  \n \n \n \n \n Amortisation of intangibles \n \n \n \n \n \n  3  \n \n \n \n \n \n  4  \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 7 \n \n \n 36  \n \n \n \n \n \n 34  \n \n \n \n \n Cost charged in respect of share-based payments \n \n \n \n \n \n 9  \n \n \n \n \n \n 7  \n \n \n \n \n Administrative pension costs \n \n \n 11 \n \n \n 4  \n \n \n \n \n \n 5  \n \n \n \n \n Amendment of past service cost in relation to the defined benefit obligation \n \n \n 11 \n \n \n 3  \n \n \n \n \n \n -  \n \n \n \n \n Utilisation of pension surplus for DC contributions \n \n \n 11 \n \n \n             9  \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating cash flow before movements in working capital \n and additional pension contributions \n \n \n \n \n \n 484  \n \n \n \n \n \n 454  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Decrease/(increase) in inventories \n \n \n \n \n \n 1  \n \n \n \n \n \n (1) \n \n \n \n \n Decrease in trade and other receivables \n \n \n \n \n \n 16  \n \n \n \n \n \n 44  \n \n \n \n \n (Decrease)/increase in trade and other payables \n \n \n \n \n \n (17) \n \n \n \n \n \n 8  \n \n \n \n \n Decrease in provisions \n \n \n \n \n \n (3) \n \n \n \n \n \n (1) \n \n \n \n \n Pension contributions \n \n \n 11 \n \n \n (1) \n \n \n \n \n \n (1) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow from operations \n \n \n \n \n \n 480  \n \n \n \n \n \n 503  \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest payments a \n \n \n \n \n \n (82) \n \n \n \n \n \n (96) \n \n \n \n \n Interest (payments)/receipts on interest rate swaps a \n \n \n \n \n \n (1) \n \n \n \n \n \n 3  \n \n \n \n \n Interest receipts on cross currency swap a \n \n \n \n \n \n 4  \n \n \n \n \n \n 7  \n \n \n \n \n Interest payments on cross currency swap a \n \n \n \n \n \n (3) \n \n \n \n \n \n (5) \n \n \n \n \n Other interest paid - lease liabilities \n \n \n 9 \n \n \n (14) \n \n \n \n \n \n (17) \n \n \n \n \n Borrowing facility fees paid \n \n \n \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n Interest received \n \n \n \n \n \n 9  \n \n \n \n \n \n 9  \n \n \n \n \n Tax paid \n \n \n \n \n \n (24) \n \n \n \n \n \n (18) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash from operating activities \n \n \n \n \n \n 368  \n \n \n \n \n \n 386  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisition of Pesto Restaurants Limited \n \n \n \n \n \n -   \n \n \n \n \n \n (2) \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (169) \n \n \n \n \n \n (152) \n \n \n \n \n Purchases of intangible assets \n \n \n \n \n \n (12) \n \n \n \n \n \n (2) \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n 1  \n \n \n \n \n \n 1  \n \n \n \n \n Finance lease principal repayments received \n \n \n \n \n \n 1  \n \n \n \n \n \n 1  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n (179) \n \n \n \n \n \n (154) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary share capital \n \n \n \n \n \n 1  \n \n \n \n \n \n -   \n \n \n \n \n Purchase of own shares \n \n \n \n \n \n (5) \n \n \n \n \n \n (7) \n \n \n \n \n Repayment of principal in respect of securitised debt b \n \n \n 9 \n \n \n (134) \n \n \n \n \n \n (128) \n \n \n \n \n Principal receipts on currency swap b \n \n \n 9 \n \n \n 21  \n \n \n \n \n \n 21  \n \n \n \n \n Principal payments on currency swap b \n \n \n 9 \n \n \n (17) \n \n \n \n \n \n (16) \n \n \n \n \n Cash payments for the principal portion of lease liabilities \n \n \n 9 \n \n \n (39) \n \n \n \n \n \n (41) \n \n \n \n \n Repayment of other borrowings \n \n \n \n \n \n -  \n \n \n \n \n \n (1) \n \n \n \n \n Short-term financing of employee advances \n \n \n \n \n \n -  \n \n \n \n \n \n 2  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n (173) \n \n \n \n \n \n (170) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n \n \n \n 16  \n \n \n \n \n \n 62  \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n 9 \n \n \n 164  \n \n \n \n \n \n 103  \n \n \n \n \n Foreign exchange movements  \n \n \n \n \n \n 1  \n \n \n \n \n \n (1) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n 9 \n \n \n 181  \n \n \n \n \n \n 164  \n \n \n \n \n   \n a.        Interest paid is split to show gross payments on the interest rate and cross currency swaps. \n b.        Principal repayments on securitised debt are split to show repayments relating to the cross currency swap. \n Notes to the consolidated financial statements \n   \n 1. Preparation of preliminary consolidated financial statements \n   \n General information \n Mitchells & Butlers plc, along with its subsidiaries, (together 'the Group') is required to prepare its consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (IFRSs) as and in accordance with the Companies Act 2006. While the financial information included in this release is based on the Group's consolidated financial statements and has been prepared in accordance with the recognition and measurement criteria of UK-adopted International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. \n   \n The preliminary financial statements include the results of Mitchells & Butlers plc and all its subsidiaries for the 52 week period ended 27 September 2025. The comparative period is for the 52 week period ended 28 September 2024. The respective balance sheets have been drawn up as at 27 September 2025 and 28 September 2024. \n   \n The consolidated financial statements have been prepared on the historical cost basis as modified by the revaluation of freehold and long leasehold properties, pension obligations and financial instruments. \n   \n The Group's accounting policies have been applied consistently. \n   \n Going concern \n The Directors have adopted the going concern basis in preparing these financial statements after assessing the impact of identified principal risks and their possible adverse impact on financial performance, specifically revenue and cash flows throughout the going concern period, being 12 months from the date of signing of these financial statements. \n   \n The Group's primary source of borrowings is through nine tranches of fully amortising loan notes with a gross debt value of a little over £1bn as at the end of the year. These are secured against the majority of the Group's property and future income streams. The principal repayment period varies by class of note with maturity dates ranging from 2028 to 2036. Within this financing structure there are two main covenants: the level of net worth (being the net asset value of the securitisation group), and FCF to DSCR. As at 27 September 2025 there was substantial headroom on the net worth covenant. FCF to DSCR represents the multiple of Free cash Flow (being EBITDA less tax and required capital maintenance expenditure) generated by sites within the structure to the cost of debt service (being the repayment of principal, net interest charges and associated fees). This is tested quarterly on both a trailing two quarter and four quarter basis. \n   \n The Group also has a committed unsecured credit facility of £150m, with a negative pledge in favour of participating banks and an expiry date in July 2028. At the balance sheet date there were no drawings under this facility. This facility has two main financial covenants, based on the performance of the unsecured estate: the ratio of EBITDAR to rent plus interest (at a minimum of 1.25 times) and Net debt to EBITDA (to be no more than 3.0 times), both tested on a half-yearly basis (for the prior four quarters). \n   \n In the year ahead the main uncertaint ies facing the Group are considered to be the maintenance of sales growth in the face of pressure on consumer spending power, and the rate of cost inflation. The outlook for these remains uncertain, depending on a number of factors including consumer confidence, global macroeconomic and political developments, supply chain disruptions and Government policies. \n   \n The Directors have reviewed the financing arrangements against a base case forward trading forecast. This forecast assumes continued mid single digit growth in sales across the year. Cost inflation is assumed to increase to a slightly higher level than the previous financial year driven primarily by increased food input costs (notably red meat) and labour costs (which include annualisation of increased levels of employers national insurance contributions from April 2025). As a result an overall net increase of approximately 6% across the cost base of the business of approximately £2.2bn is expected. Under this base case the Group is able to stay within securitisation and committed facility financial covenants and maintains sufficient liquidity.     \n   \n 1. Preparation of preliminary consolidated financial statements \n   \n Going concern (continued) \n The Directors have also considered a severe but plausible downside scenario covering adverse movements against the base forward forecast in both sales and cost inflation, but no major disruption to supply chain or systems. Some mitigation activity is taken including lower capital expenditure on site remodel activity and a flex down of labour and site costs in line with reduced sales. In this scenario sales are assumed to remain marginally in growth, but at 2.5%  below the base case forecast. Unmitigated cost inflation is also higher in the areas of food, labour, duty and energy. In this downside scenario the Group is again able to stay within securitisation and committed facility financial covenants, whilst maintaining sufficient liquidity. \n   \n Furthermore, the Directors have considered a reverse stress test analysis, to review the headroom below which trading could fall beyond the downside scenario before the earlier of financial covenants becoming breached, or available liquidity becoming insufficient. This analysis indicates that on consistent cost assumptions, sales would be able to fall by approximately 4% beyond the downside case throughout the assessment period before financial covenants were breached, when tested at Q4 FY 2026 being the last full testing period within the 12 month going concern assessment period. In this scenario the Group would still have sufficient available liquidity. \n   \n After due consideration of these factors, the Directors therefore believe that it remains appropriate to prepare the financial statements on a going concern basis. \n   \n Foreign currencies \n The results of overseas operations have been translated into sterling at the weighted average euro rate of exchange for the period of £1 = €1.17 (2024 £1 = €1.15), where this is a reasonable approximation to the rate at the dates of the transactions.  Euro and US dollar denominated assets and liabilities have been translated at the relevant rate of exchange at the balance sheet date of £1 = €1.14 (2024 £1 = €1.20) and £1 = $1.34 (2024 £1 = $1.34) respectively. \n   \n   \n New and amended IFRS Standards that are effective for the current period \n The International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC) have issued the following standards and interpretations which have been adopted by the Group in these consolidated financial statements for the first time with no material impact. \n   \n \n \n \n \n Accounting standard \n \n \n Effective date \n \n \n \n \n Amendments to IFRS 16 Leases (Lease Liability in a Sale and Leaseback) \n \n \n 1 January 2024 \n \n \n \n \n Amendments to  IAS 1 Presentation of Financial Statements (Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants) \n \n \n 1 January 2024 \n \n \n \n \n Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments (Disclosures - Supplier Finance Arrangements) \n \n \n 1 January 2024 \n \n \n \n \n   \n Critical accounting judgements and key sources of estimation uncertainty \n The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities, income and expense. \n   \n Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.  Actual results may differ from these estimates. \n   \n Judgements and estimates for the period remain largely unchanged from the prior period. \n   \n \n \n   \n 1. Preparation of preliminary consolidated financial statements (continued) \n   \n Critical accounting judgements and key sources of estimation uncertainty (continued) \n Significant accounting estimates: \n   \n The significant accounting estimate with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1 Presentation of Financial Statements, is: \n   \n ·    Fair value of freehold and long leasehold properties - see note 6 \n Other areas of judgement are described in each section listed below: \n   \n ·     Determination of items that are separately disclosed - see note 3 \n ·     Impairment review of short leasehold properties and right-of-use assets - see note 8 \n ·     Recognition of pension surplus - see note 11 \n   \n Other sources of estimation uncertainty are described in: \n   \n ·     Impairment review of short leasehold properties and right-of-use assets - see note 8 \n   \n   \n 2. Segmental analysis \n   \n \n \n \n \n Operating segments \n IFRS 8 Operating Segments requires operating segments to be based on the Group's internal reporting to its Chief Operating Decision Maker (CODM). The CODM is regarded as the Chief Executive together with other Board members. The Group trades in one business segment (that of operating pubs and restaurants) and the Group's brands meet the aggregation criteria set out in Paragraph 12 of IFRS 8. Economic indicators assessed in determining that the aggregated operating segments share similar economic characteristics include: expected future financial performance; operating and competitive risks; and return on invested capital.  As such, the Group reports the business as one reportable business segment. \n   \n The CODM uses EBITDA and operating profit before interest and separately disclosed items as the key measures of the Group's results on an aggregated basis. \n   \n Geographical segments \n Substantially all of the Group's business is conducted in the United Kingdom.  In presenting information by geographical segment, segment revenue and non-current assets are based on the geographical location of customers and assets. \n   \n \n \n \n \n   \n Geographical segments \n   \n \n \n \n \n \n \n \n UK \n \n \n \n \n \n Germany \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n 2025 \n 52 weeks \n \n \n \n \n \n 2024 \n 52 weeks \n   \n \n \n \n \n \n 2025 \n 52 weeks \n \n \n \n \n \n 2024 \n 52 weeks \n \n \n \n \n \n 2025 \n 52 weeks \n \n \n \n \n \n 2024 \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue - sales to third parties \n \n \n 2,598 \n \n \n \n \n \n 2,493 \n \n \n \n \n \n 113 \n \n \n \n \n \n 117 \n \n \n \n \n \n 2,711 \n \n \n \n \n \n 2,610 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Segment non-current assets a \n \n \n 4,868 \n \n \n \n \n \n 4,706 \n \n \n \n \n \n 56 \n \n \n \n \n \n 51 \n \n \n \n \n \n 4,924 \n \n \n \n \n \n 4,757 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n a. \n \n \n Includes balances relating to intangibles, property, plant and equipment, right-of-use assets and finance lease receivables. \n \n \n \n \n 3. Separately disclosed items \n   \n The items identified in the current period are as follows: \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n   \n \n \n Notes \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Separately disclosed items \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remeasurement of contingent consideration \n \n \n a \n \n \n (3) \n \n \n \n \n \n -  \n \n \n \n \n Amendment of past service cost in relation to the defined benefit obligation \n \n \n b \n \n \n (3) \n \n \n \n \n \n -  \n \n \n \n \n Total separately disclosed items recognised within operating costs \n \n \n \n \n \n (6) \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net profit arising on property disposals \n \n \n \n \n \n 1  \n \n \n \n \n \n 2  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in the valuation of the property portfolio: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Impairment reversal arising from the revaluation of freehold and long leasehold properties \n \n \n c \n \n \n 11  \n \n \n \n \n \n 4  \n \n \n \n \n - Net impairment of short leasehold and unlicensed properties \n \n \n d \n \n \n (5) \n \n \n \n \n \n -  \n \n \n \n \n - Net impairment of right-of-use assets \n \n \n e \n \n \n (8) \n \n \n \n \n \n (17) \n \n \n \n \n - Net impairment of computer software \n \n \n f \n \n \n -  \n \n \n \n \n \n (1) \n \n \n \n \n - Net impairment of goodwill \n \n \n g \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net movement in the valuation of the property portfolio \n \n \n \n \n \n (3) \n \n \n \n \n \n (14) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Total separately disclosed items before tax \n \n \n   \n \n \n   \n (8) \n \n \n \n \n \n   \n (12) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax credit relating to above items \n \n \n \n \n \n 1  \n \n \n \n \n \n 4  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total separately disclosed items after tax \n \n \n \n \n \n (7) \n \n \n \n \n \n (8) \n \n \n \n \n   \n \n \n \n \n a.    \n \n \n Loss on remeasurement of the contingent consideration relating to the acquisition of Pesto Restaurants Limited. \n \n \n \n \n b.    \n \n \n In FY 2018 the High Court ruled that pensions provided to members who had contracted-out of their scheme must be recalculated to ensure payments reflect the equalisation of state pension ages in the 1990s. An initial estimate for this liability of £19m was charged in FY 2019, and disclosed separately. Following the buy-in of the Mitchells & Butlers Main Pension Plan during the 53 weeks ending 30 September 2023 work is ongoing to fully quantify the liability, which is now anticipated to cost an additional £3m. \n \n \n \n \n c.     \n \n \n The impairment arising from the Group's revaluation of its freehold and long leasehold pub estate comprises an impairment credit as the result of a revaluation surplus that reverses past impairments net of an impairment charge, where the carrying values of the properties exceed their recoverable amount. See note 6 for further details. \n \n \n \n \n d.    \n \n \n Impairment of short leasehold and unlicensed properties where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 8 for further details. \n \n \n \n \n e.    \n \n \n Impairment of right-of-use assets where their carrying values exceed their recoverable amounts, net of reversals of past impairments. See note 8 for further details. \n \n \n \n \n f.     \n \n \n Impairment of computer software where the carrying value exceeds the recoverable amount. See note 8 for further details. \n \n \n \n \n g.    \n \n \n Impairment of goodwill where the carrying value exceeds the recoverable amount. See note 8 for further details. \n \n \n \n \n                                                                                                                                                                     \n \n \n   \n 4. Taxation \n   \n Taxation - Group income statement \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Current tax: \n \n \n \n \n -     Corporation tax \n \n \n (22) \n \n \n \n \n \n (16) \n \n \n \n \n   \n \n \n \n \n Total current tax charge \n \n \n (22) \n \n \n \n \n \n (16) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax: \n \n \n \n \n - Origination and reversal of temporary differences \n \n \n (40) \n \n \n \n \n \n (33) \n \n \n \n \n - Amounts over/(under)-provided in prior periods \n \n \n 1  \n \n \n \n \n \n (1) \n \n \n \n \n   \n \n \n \n \n Total deferred tax charge \n \n \n (39) \n \n \n \n \n \n (34) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax charge in the Group income statement \n \n \n (61) \n \n \n \n \n \n  (50) \n \n \n   \n \n \n \n \n   \n Further analysed as tax relating to: \n \n \n \n \n Profit before separately disclosed items \n \n \n (62) \n \n \n \n \n \n (54) \n \n \n \n \n Separately disclosed items \n \n \n                 1  \n \n \n \n \n \n                 4  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total tax charge in the Group income statement \n \n \n (61) \n \n \n \n \n \n (50) \n \n \n \n \n   \n The standard rate of corporation tax applied to the reported profit is 25.0% (2024 25.0%).  \n   \n The tax charge (2024 charge) in the Group income statement for the period is higher than (2024 in line with) the standard rate of corporation tax in the UK.  The differences are reconciled below: \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n   \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit before tax \n \n \n 238  \n \n \n \n \n \n 199  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Taxation charge at the UK standard rate of corporation tax of 25.0% (2024 25.0%) \n \n \n (59)  \n \n \n \n \n \n (50)  \n \n \n   \n \n \n \n \n Expenses not deductible \n \n \n (4)  \n \n \n \n \n \n (3)  \n \n \n   \n \n \n \n \n Permanent benefits \n \n \n 1   \n \n \n \n \n \n 4   \n \n \n   \n \n \n \n \n Adjustments in respect of prior periods \n \n \n 1   \n \n \n \n \n \n (1)  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax charge in the Group income statement \n \n \n  (61) \n \n \n \n \n \n  (50) \n \n \n \n \n \n \n \n   \n Taxation for other jurisdictions is calculated at the rates prevailing in those jurisdictions. \n \n \n   \n 4. Taxation (continued) \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n   \n   \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Deferred tax in the Group income statement: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accelerated capital allowances \n \n \n (12) \n \n \n \n \n \n (14) \n \n \n \n \n Tax losses - UK \n \n \n (22) \n \n \n \n \n \n (15) \n \n \n \n \n Tax losses - Interest restriction \n \n \n (5) \n \n \n \n \n \n (7) \n \n \n \n \n Retirement benefit obligations \n \n \n 3  \n \n \n \n \n \n 1  \n \n \n \n \n Share-based payments \n \n \n -  \n \n \n \n \n \n 1  \n \n \n \n \n Unrealised gains on revaluations \n \n \n (3) \n \n \n \n \n \n -  \n \n \n \n \n Depreciated non-qualifying assets \n \n \n 1  \n \n \n \n \n \n -  \n \n \n \n \n Right of use assets \n \n \n (1) \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total deferred tax charge in the Group income statement \n \n \n (39) \n \n \n \n \n \n (34) \n \n \n \n \n   \n   \n \n \n \n \n Taxation - other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n   \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n   \n \n \n \n \n Deferred tax: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Items that will not be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n - Unrealised gains due to revaluations - revaluation reserve \n \n \n   (22) \n \n \n \n \n \n   (62)  \n \n \n   \n \n \n \n \n - Unrealised gains due to revaluations - retained earnings \n \n \n 5  \n \n \n \n \n \n (12)  \n \n \n   \n \n \n \n \n - Remeasurement of pension liability \n \n \n 4  \n \n \n \n \n \n (42)  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n (13) \n \n \n \n \n \n (116)  \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Items that may be reclassified subsequently to profit or loss: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n -   Cash flow hedges \n \n \n (4) \n \n \n \n \n \n 6   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total tax charge recognised in other comprehensive income \n \n \n (17) \n \n \n \n \n \n (110) \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Tax relating to items recognised directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax: \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Tax credit related to share-based payments \n \n \n             -    \n \n \n \n \n \n             1   \n \n \n \n \n   \n Factors which may affect future tax charges \n The Group is within the scope of the OECD Pillar Two (Global Minimum Tax) model rules.  The legislation has been enacted in the UK and Germany, being the jurisdictions in which the Group operates.  The rules are effective for the Group from the accounting period commencing 29 September 2024.  The Group has assessed that no material top-up taxes will arise. \n   \n For the 52 week period ended 27 September 2025, the Group has applied the IAS 12 mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. \n   \n \n \n   \n 5. Earnings/(loss) per share \n   \n Basic earnings per share (EPS) has been calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the period, excluding own shares held by employee share trusts. \n   \n For diluted earnings per share, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. \n   \n Adjusted earnings per ordinary share amounts are presented before separately disclosed items (see note 3) in order to allow an understanding of the adjusted trading performance of the Group. \n   \n The profits used for the earnings per share calculations are as follows: \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n 177 \n \n \n \n \n \n 149 \n \n \n \n \n Separately disclosed items, net of tax \n \n \n 7 \n \n \n \n \n \n 8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted profit for the period a   \n \n \n 184 \n \n \n \n \n \n 157 \n \n \n \n \n   \n The number of shares used for the earnings per share calculations are as follows: \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n million \n \n \n \n \n \n million \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic weighted average number of ordinary shares \n \n \n 595 \n \n \n \n \n \n 595 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Effect of dilutive potential ordinary shares: \n \n \n \n \n \n \n \n \n \n \n \n \n \n - Contingently issuable shares \n \n \n 5 \n \n \n \n \n \n 5 \n \n \n \n \n - Other share options \n \n \n 1 \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted weighted average number of shares \n \n \n 601 \n \n \n \n \n \n 600 \n \n \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n pence \n \n \n \n \n \n pence \n \n \n \n \n Basic earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n 29.7p \n \n \n \n \n \n 25.0p \n \n \n \n \n Separately disclosed items net of tax per share \n \n \n 1.2p \n \n \n \n \n \n 1.4p \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted basic earnings per share a \n \n \n 30.9p \n \n \n \n \n \n 26.4p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share \n \n \n 29.5p \n \n \n \n \n \n 24.8 p \n \n \n \n \n Adjusted diluted earnings per share a \n \n \n 30.6p \n \n \n \n \n \n 26.2 p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n a.    Adjusted profit and adjusted EPS are alternative performance measures (APMs) and are considered critical to aid understanding of the Group's performance. These measures are explained later in this announcement. \n At 27 September 2025, 2,949,881 (2024 1,486,595) other share options were outstanding that could potentially dilute basic EPS in the future but were not included in the calculation of diluted EPS as they are anti-dilutive for the periods presented . \n   \n 6. Property, plant and equipment \n   \n \n \n \n \n Accounting policies \n \n \n \n \n   \n \n \n \n \n Property, plant and equipment \n \n \n \n \n The majority of the Group's freehold and long leasehold licensed land and buildings, and the associated landlord's fixtures, fittings and equipment (i.e. fixed fittings) are revalued annually and are therefore held at fair value less depreciation.  Tenant's fixtures and fittings (i.e. loose fixtures) within freehold and long leasehold properties, are held at cost less depreciation and impairment. \n   \n Short leasehold buildings (leases with an unexpired lease term of less than 50 years), unlicensed land and buildings and associated fixtures, fittings and equipment are held at cost less depreciation and impairment. \n \n \n \n \n \n \n \n \n \n Revaluation \n \n \n \n \n The revaluation, performed at 27 September 2025, is determined via annual third-party inspection of 20% of the sites with the aim that all sites are individually valued approximately every five years.  The valuation utilises estimates of fair maintainable trade (FMT) and valuation multiples.  The revaluation determined by the annual inspection was carried out in accordance with the RICS Valuation - Global Standards 2025 which incorporate the International Valuation Standards and the RICS Valuation - Professional Standards UK (the 'Red Book') assuming each asset is sold as a fully operational trading entity.  \n   \n Properties are valued as fully operational entities, to include fixtures and fittings but excluding stock, tenant's fixtures and fittings and personal goodwill. \n   \n The 80% of the freehold and long leasehold estate which is not subject to a third-party valuation in the period is instead revalued internally by management.  The Group's external valuer provides advice to management in relation to their internal valuation.  This valuation is performed using estimates of FMT, together with the same valuation multiples as those applied by the external valuer. Sites impacted by expansionary capital investment in the preceding twelve months are reviewed for impairment only, based on estimated annualised post investment FMT against the carrying value of the asset. Where the value of land and buildings derived purely from a multiple applied to the FMT misrepresents the underlying asset value, a spot valuation is applied. \n   \n Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are reversing a revaluation deficit which has been recognised in the income statement previously; in which case an amount equal to a maximum of that recognised in the income statement previously is recognised in the income statement.  Where the revaluation exercise gives rise to a deficit, this is reflected directly within the income statement, unless it is reversing a previous revaluation surplus against the same asset; in which case an amount equal to the maximum of the revaluation surplus is recognised within other comprehensive income (in the revaluation reserve). \n \n \n \n \n   \n \n \n \n \n Impairment \n \n \n \n \n Short leaseholds, unlicensed properties and fixtures and fittings are reviewed on an outlet basis for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.  Further details of the impairment policy are provided in the impairment note 8. \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n 6. Property, plant and equipment (continued) \n   \n Property, plant and equipment can be analysed as follows: \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At beginning of period \n \n \n 4,419  \n \n \n \n \n \n 4,086  \n \n \n \n \n Acquired through business combinations \n \n \n -  \n \n \n \n \n \n 7  \n \n \n \n \n Additions \n \n \n 177  \n \n \n \n \n \n 163  \n \n \n \n \n Disposals \n \n \n (4) \n \n \n \n \n \n (2) \n \n \n \n \n Net increase from property revaluation \n \n \n 99  \n \n \n   \n \n \n 258  \n \n \n \n \n Net impairment of short leasehold properties \n \n \n (5) \n \n \n   \n \n \n -   \n \n \n \n \n Depreciation provided during the period \n \n \n (96) \n \n \n \n \n \n (92) \n \n \n \n \n Exchange differences \n \n \n 1  \n \n \n \n \n \n (1)  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At end of period \n \n \n 4,591  \n \n \n \n \n \n 4,419  \n \n \n \n \n   \n Revaluation and impairment recognised \n Current period valuations have been incorporated into the consolidated financial statements and the resulting revaluation adjustments have been taken to the revaluation reserve or Group income statement as appropriate. \n   \n The impact of the revaluations/impairments described above is as follows: \n   \n \n \n \n \n \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n 52 weeks \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n Group income statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revaluation deficit charged as an impairment \n \n \n             (63) \n \n \n \n \n \n             (120) \n \n \n \n \n Reversal of past revaluation deficits \n \n \n 74  \n \n \n \n \n \n 124  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total impairment reversal arising from the revaluation \n \n \n 11  \n \n \n \n \n \n 4  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of short leasehold and unlicensed properties (note 8) \n \n \n (7) \n \n \n \n \n \n (7) \n \n \n \n \n Reversal of past impairments of short leasehold and unlicensed properties (note 8) \n \n \n 2  \n \n \n \n \n \n 7  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net impairment of short leaseholds and unlicensed properties \n \n \n                 (5) \n \n \n \n \n \n             -  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total impairment reversal recognised in the income statement \n \n \n 6  \n \n \n \n \n \n 4  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Group statement of other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unrealised revaluation surplus \n \n \n 165  \n \n \n \n \n \n 356  \n \n \n \n \n Reversal of past revaluation surplus \n \n \n             (77) \n \n \n \n \n \n (102) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total movement recognised in other comprehensive income \n \n \n 88  \n \n \n \n \n \n 254  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase in property, plant and equipment \n \n \n 94  \n \n \n \n \n \n 258  \n \n \n \n \n   \n \n \n   \n 6. Property, plant and equipment (continued) \n   \n Accounting judgements \n   \n Revaluation of freehold and long leasehold properties \n The revaluation methodology is determined, with advice from CBRE, independent chartered surveyors, and incorporates management judgement where appropriate. The application of a valuation multiple to the FMT of each site is considered the most appropriate method for the Group to determine the fair value of freehold and long leasehold licensed land and buildings. \n   \n In the current and prior period, judgement has been applied to establish the basis of FMT that a willing third-party buyer would assume.  The estimation of FMT is derived from the individual profit and loss accounts of pubs and restaurants and is inclusive of the centrally recorded trading margins earned by the Group but exclusive of certain head office costs.  This represents the Group's best view of the value that would be attributed by other reasonably efficient operators. In both the current and prior periods FMT is estimated with reference to the reported site performance, with averages of the last two years performance taken in the current period.  \n   \n Where sites have been impacted by expansionary capital investment in the preceding twelve months, the FMT has been determined by estimating annualised post-investment operating profit with reference to post-investment forecasts. See sensitivity analysis shown below regarding sites with investment in the current period. \n   \n For the purposes of the valuation, and in order to group together properties of a similar nature, groupings by brand are applied for which standard multiples have been established through third-party inspections of 20% of the freehold and long leasehold licensed property estate.  Judgements are applied in assessing multiples on the basis of market evidence of transaction prices and nature of the overall offer within the local market, with specific consideration given to geographical location, ancillary revenue such as accommodation sales from bedrooms and lease terms for long leasehold sites. \n   \n Further judgement is required when a spot valuation is applied where the property value derived purely from a multiple applied to the FMT misrepresents the underlying asset value with consideration given to the level of trade and location characteristics.  \n   \n Significant accounting estimates \n   \n Revaluation of freehold and long leasehold properties \n The application of the valuation methodology requires two significant estimates; the estimation of valuation multiples, which are determined via third-party inspections; and an estimate of FMT. \n   \n In the prior period, inflation and costs stabilised, such that the Group's external valuer considered that the level of reported site profitability was representative of the FMT that a third-party, reasonably efficient operator would include in arriving at a transaction price.  In the current period, trading conditions have remained stable, and the Group's external valuer has determined FMT as the average of the current and prior period reported site profitability for all sites other than those impacted by investment in either period, or sites that have been spot valued. \n   \n The estimation of valuation multiples is derived from the valuer's knowledge of market evidence of transaction prices for similar properties.  In the current period the multiples adopted are mostly in line with the prior period. \n   \n There is considered to be a significant risk that an adjustment to either of these assumptions could lead to a material change in the property valuation within the next year. \n   \n \n \n   \n 6. Property, plant and equipment (continued) \n   \n Significant accounting estimates (continued) \n   \n Sensitivity analysis \n Changes in the FMT, or the multiple could materially impact the valuation of the freehold and long leasehold properties, and as such they are both considered to be significant estimates in the current period. The carrying value of properties to which these estimates apply is £4,407m (2024 £4,260m). \n   \n FMT \n In the current period, FMT has increased by 1% over the prior period's FMT, excluding the sites with investment in the current period which are only assessed for impairment.  Given trading has now normalised following the disruption caused by the Covid pandemic in 2020, and there is a more stable inflationary environment, a return to pre Covid FMT movements is considered to be within range of reasonably possible outcomes.  Over the three years reported prior to Covid the average movement in the FMT of the revalued estate was 1%.  Assuming multiples remain stable, it is estimated that a 1% reduction in the FMT would generate an approximate £36m reduction in the valuation.  A 1% increase in the FMT is estimated to generate an approximate £3...

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