Mitchells & Butlers Turns To Profit In FY24; 7-week LFL Sales Rise

(RTTNews) - Mitchells & Butlers PLC (MAB.L, MLB), an operator of managed restaurants and pubs, reported Wednesday that its fiscal 2024 profit before tax was 199 million pounds, compared to loss of 13 million pounds a year ago.

Earnings per share were 25.0 pence, compared to prior year's loss of 0.7 pence.

Adjusted profit before tax was 211 million pounds, compared to 112 million pounds last year. Adjusted earnings per share were 26.4 pence, compared to 15.6 pence a year ago.

Adjusted operating profit was 312 million pounds, compared to 221 million pounds last year, on a 52-week basis.

Total revenue for the period increased to 2.61 billion pounds from prior year's 2.50 billion pounds. The revenue growth was 6.1% on a 52-week basis.

Like-for-like sales increased 5.3% with strong performances through the brand portfolio and continued out-performance against the market as a whole.

In the fourth quarter, sales grew 3.4% having been negatively impacted by riots in city centres during August, as well as an unseasonably cool and wet summer.

Regarding the current trading, Mitchells & Butlers said it experienced a strong start to fiscal 2025, with LFL sales up 4% in the first seven weeks.

The company said it expects to out-perform the market driving further profit growth in the year ahead.

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