M&B has reported a strong financial performance and business transformation on track for the 52 weeks ended 28 September 2013, with Alistair Darby, Chief Executive, commenting:
“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.”
Statutory results
- Profit before tax: £150m (FY 2012: £83m)
- Basic earnings per share: 32.9p (FY 2012: 17.1p)
Financial performance (52 week comparables)
- Total revenue of £1,895m, up 2.2%
- Like-for-like sales growth of 0.4%
- Adjusted operating profit of £312m, up 5.1%
- Adjusted earnings per share of 34.9p, up 17.1%
- Net cash flow of £29m after mandatory bond amortisation of £55m
- Net debt of 4.2 times EBITDA at year end (FY 2012: 4.5 times EBITDA)
- Like-for-like sales up 0.1% in the first 8 weeks of FY 2014
Operational performance
- Operating margin up 0.5 percentage points to 16.5%
- Good progress across all priority areas: people, practices, guests and profits
- Staff turnover down 4 ppts and net promoter score up 4 ppts
- New tills, payment systems, table management and kitchen management systems in full roll out
Property Estate
- 16 new sites opened across the upmarket social, family and special market spaces
- 17% EBITDA returns achieved on expansionary capex invested since FY 2011
- £31m increase in property value as a result of annual revaluation and impairment review
- Pipeline of new sites building for FY 2014 and beyond