Mitchells & Butlers Plc (LON:MAB) has announced its full year results for the 52 weeks ended 27 September 2025.
Another Year of Strong Trading Ahead of the Market
Highlights
| – | Strong trading ahead of the marketb with like-for-like salesa growth of 4.3% | |
| – | Adjusted operating profita of £330m up 5.8% from prior year | |
| – | Increased adjusted operating margina of 12.2% (FY 2024 12.0%) | |
| – | Strong cash flows reducing net debt (excluding leases) by £146m | |
Reported results
| – | Total revenue of £2,711m (FY 2024 £2,610m)Operating profit of £322m (FY 2024 £300m)Profit before tax of £238m (FY 2024 £199m) |
| – | Basic earnings per share of 29.7p (FY 2024 25.0p) |
Trading results
| – | Adjusted operating profita £330m (FY 2024 £312m) |
| – | Adjusted earnings per sharea of 30.9p (FY 2024 26.4p) |
Balance sheet and cash flow
| – | Net debta reduced to £843m (FY 2024 £989m), excluding £434m of IFRS 16 lease liabilities (FY 2024 £447m) |
| – | Net asset value increased to 476p per share (FY 2024 433p) |
| – | Pension surplus used to offset against ongoing DC contributions equating to c.£10m pa |
Operational highlights
| – | Strong performances across all market segments |
| – | Accelerated capital programme delivering strong returns |
| – | Record non-financial metrics across guest, employee and safety scores |
Current trading
| – | Solid start to FY 2026, like-for-like salesa of 3.8% in the first eight weeks |
Phil Urban, Mitchells & Butlers Chief Executive, commented:
“We are pleased to report another year of strong performance. Like-for-like salesa continued to outperform the marketb 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.
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”
Definitions
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.
b – As measured by the CGA Business Tracker.
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
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.
