Statutory results
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Profit before tax: £150m (FY 2012: £83m) |
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Basic earnings per share: 32.9p (FY 2012: 17.1p) |
Financial performance (52 week comparables)
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Total revenue of £1,895m, up 2.2% |
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Like-for-like sales growth of 0.4% |
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Adjusted operating profit of £312m, up 5.1% |
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Adjusted earnings per share of 34.9p, up 17.1% |
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Net cash flow of £29m after mandatory bond amortisation of £55m |
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Net debt of 4.2 times EBITDA at year end (FY 2012: 4.5 times EBITDA) |
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Like-for-like sales up 0.1% in the first 8 weeks of FY 2014 |
Operational performance
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Operating margin up 0.5 percentage points to 16.5% |
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Good progress across all priority areas: people, practices, guests and profits |
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Staff turnover down 4 ppts and net promoter score up 4 ppts |
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New tills, payment systems, table management and kitchen management systems in full roll out |
Property Estate
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16 new sites opened across the upmarket social, family and special market spaces |
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17% EBITDA returns achieved on expansionary capex invested since FY 2011 |
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£31m increase in property value as a result of annual revaluation and impairment review |
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Pipeline of new sites building for FY 2014 and beyond |
Alistair Darby, Chief Executive, commented:
"We have worked hard this year to deliver our transformation plan and position Mitchells & Butlers for future growth. We are proud that, through the measures we have taken, we have been able to grow sales and build our margins in a challenging and competitive consumer environment, leading to EPS growth of 17%. I am confident that our continued emphasis on developing our people, focusing on our brands and delivering great service for our guests will result in a better business and produce sustainable value for shareholders in the future."
