Third Quarter Results for the 13 weeks ended 24 September 2016

10 Nov 2016

£ million Q3
Change YTD
Revenue 433.6 419.9 3% 1,288.1 1,255.2 3%
Like-for-like Revenue2 427.1 415.2 3% 1,267.3 1,232.9 3%
Adjusted EBITDA3 37.6 35.9 5% 109.5 95.7 14%
Adjusted EBITDA margin3 8.7% 8.5% 20bps 8.5% 7.6% 90bps
Free cash flow4 23.6 34.9 (11.3) 50.6 65.4 (14.8)


  • Good revenue growth across the business
  • Continued improvement in Adjusted EBITDA margin underpinned by strong operational focus
  • Accelerated capital expenditure supports ongoing growth
  • Further reduction in leverage, now down to 2.7 times

Commenting on the results, Agust Gudmundsson, Chief Executive Officer said:

“We are pleased that we have delivered another strong quarter, with good growth in both revenue and EBITDA across the Group. Our success is driven by our continued investment in our business, a focus on efficiency and constant innovation.

Looking ahead, our sector faces a number of challenges from increasing inflation and cost pressures, but our strong operational model and strong partnerships with our customers mean we are well placed to continue the progress of recent years.”


1. The results for Q3 2015 and YTD 2015 exclude Italpizza as this is classified as a discontinued operation following the completion of the sale of this business in July 2015.

2. Like-for-like revenue excludes the impact of acquisitions, disposals, closures, and foreign exchange translation but includes the Group’s share of revenue generated by associates.

3. Adjusted EBITDA: The Group manages the performance of its businesses through the use of ‘Adjusted EBITDA’. EBITDA is generally defined as operating profit / loss before share of results of associates, depreciation, amortisation and asset impairments. In calculating Adjusted EBITDA, we further exclude restructuring costs and royalty charges. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue from continuing operations.

4.Free cash flow is defined as the amount of cash generated by the business from continuing and discontinued operations, after meeting all its obligations for interest, tax and pensions, and after investments in tangible assets but excluding payments relating to historic UK tax liabilities.

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