M&B resumes dividend following earnings growth
BIRMINGHAM pubco Mitchells & Butlers will pay a dividend to shareholders after bringing in a positive set of full year results.
In the 52 weeks ended September 26, it recorded total revenue of £2.1bn, up 6%, and saw like for like sales growth of 0.8%.
Profit before tax was also up at £126m (FY 2014 £123m).
As a result it is recommending a final dividend of 5p.
M&B’s capital expenditure in the period was £162m, including 14 new site openings and 51 conversions.
Phil Urban, chief executive, said: “In the last year we have increased our earnings by 9.5%b, and I am delighted to announce the resumption of the dividend.
“Since joining Mitchells & Butlers in January I have seen first-hand the potential within the business. The market remains highly competitive but I have identified our key priorities to realise that potential.
“We will build a more balanced business; instil a more commercial culture; and increase the pace of execution and innovation. We are confident that with this approach we will drive sustained profit growth and enhanced shareholder returns.”
