FX.co ★ Mitchells & Butlers Turns To Profit In FY24; 7-week LFL Sales Rise

Mitchells & Butlers PLC (MAB.L, MLB), a leading operator in the restaurant and pub sector, announced on Wednesday that its pre-tax profit for fiscal year 2024 reached £199 million, a significant turnaround from the previous year's £13 million loss.

Earnings per share rose to 25.0 pence, compared to a loss of 0.7 pence in the prior year. The adjusted pre-tax profit improved to £211 million from £112 million in the previous year, while adjusted earnings per share increased to 26.4 pence from 15.6 pence.

The adjusted operating profit climbed to £312 million, up from £221 million, when assessed over a 52-week period.

The company's total revenue saw an increase, reaching £2.61 billion, up from the previous year's £2.50 billion, marking a 6.1% growth over 52 weeks.

Like-for-like sales grew by 5.3%, reflecting strong results across the brand portfolio and continued outperformance relative to the broader market.

In the fourth quarter, sales rose by 3.4%, despite adverse effects from city centre riots in August and an unusually cool and wet summer.

Looking ahead, Mitchells & Butlers noted a robust start to fiscal 2025, with like-for-like sales up by 4% in the first seven weeks. The company anticipates outperforming the market and delivering further profit growth in the upcoming year.