Pub and restaurant operator Mitchells & Butlers reported EBITDA of £395m for the year to end-September (2011: £387m), with basic earnings per share, after property revaluation, of 17.1p (2011: 30.7p).
Total revenue of £1.889bn was up 3.3%.
Like-for-like sales growth of 2.1% was led by food sales.
There was a recovery in net operating margin in the second half.
Adjusted operating profit was £304m, up 1.0% after inflationary costs and investment into service and amenity.
Adjusted earnings per share were 30.5p, up 6.4%.
Net cash flow was £32m after expansionary capital of £55m.
Net debt of £1.8bn represents 4.5 times EBITDA.
Like-for-like sales were broadly flat in the first 8 weeks of 2013.
There was a £37m reduction in property valuation, a 1% decrease excluding acquisitions and conversions.
There were 47 new site openings and 10 conversions in the period with expansionary capex of £55m.
EBITDA returns of 17% were achieved on expansionary capex invested over the last two years.