Coronavirus Update

Mitchells & Butlers Plc - Full Year Results


Mitchells & Butlers Plc


(For the 52 weeks ended 28 September 2019)



Strong adjusted profit before taxa growth, up 10.7%


Continued market outperformanceb

Reported results



Total revenue of £2,237m (FY 2018 £2,152m)

Operating profit of £297m (FY 2018 £255m)

Profit before tax of £177m (FY 2018 £130m)


Basic earnings per share of 33.5p (FY 2018 24.5p)

Trading results


Like-for-like salesa growth of 3.5%


Adjusted operating profita growth of £14m to £317m (FY 2018 £303m)


Adjusted earnings per sharea growth of 9.1% to 37.2p (FY 2018 34.1p)



Operational highlights


Strong trading with market outperformanceb and profit growth


Improved returns from capital programme of 21%, up 5ppts


Strong performance across the brand portfolio driven by sales initiatives


Efficiencies resulted in increased operating margina of 14.2% (FY 2018 14.1%)

Balance sheet and cash flow


Capital expenditure of £152m (FY 2018 £171m), including 7 new site openings and 240 conversions and remodels (FY 2018 232)


Adjusted free cash flowa of £11m (FY 2018 £(19m))


Net debt reduced to £1.56bn (FY 2018 £1.69bn) representing 3.6 times adjusted EBITDAa (FY 2018 4.0 times)

Phil Urban, Chief Executive, commented:

"These strong results reflect the work we have done over the last few years, first to build sustained sales growth and then to convert that into profit growth.  It has been extremely encouraging to see an improvement in like-for-like sales growth across the portfolio during the year, fuelled by our Ignite programme of work.  This puts us in a stronger position as we move forward into the next financial year, in what we expect to remain challenging market conditions."