FY23 adjusted numbers broadly in line, a few one-off charges Revenue in FY23 (ended 30 September) came in at £2,503m, above our (£2,398m) and FactSet consensus expectations (£2,417m), with a 9.1% yoy increase in LFL sales. Adjusted operating profit came in at £221m, also well above our and consensus figures (INVe: £202m, FactSet £216m), and profit before tax on an adjusted basis was £115m (INVe: £106m, FactSet: £104m). Reported earnings however were a net loss, due to £131m of separately disclosed items, mainly relating to valuation and impairment of freehold and long leasehold sites. Net debt came in at £1,633m (INVe: £1,638m). LFL sales up 7.2% since period end Since beginning of October, MAB LFL sales have risen 7.2% yoy, which compares favourably with the +5% (October data) recorded for managed pubs in the UK according to the CGA tracker. As a reminder and looking at the pub operators which have reported results in the past weeks, the best LFL performance remains that recorded by JD Wetherspoon (+9.5% LFL yoy in the 14 weeks to 5 November). Importantly, MAB has indicated that volumes were stable in the period. For FY24, the company guides that accounting for the increase in National Living Wage (up 9.8% as of April 2024) and the lower energy and food cost inflation, it expects to experience cost headwinds of £65m (INVe: £68m).