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JD Wetherspoon profits knocked

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JD Wetherspoon profits have dropped in the first half of the year, rising sales have failed to offset an increase in costs.

Pre-tax profits fell 18.9% to £50.3m for the six months to 27 January, due to costs rocketing, labour costs have soared which increased to £33m.

Revenue rose to 7.1% to £889.6m, like-for-like sales were up for the period by 6.3%.

Tim Martin chairman has warned costs will continue to rise.

Martin said, “As previously indicated, costs in the second half of the year will be higher than those of the same period last year.

“The company anticipates an unchanged trading outcome for the current financial year.”

Martin backs Brexit and used his market update to wade into government.

Martin said, “Previous referendum results on major constitutional issues have always been respected in the UK, but if parliament votes either for Theresa May’s ‘deal’ [which keeps us in the EU by the back door]or to remain in the EU, the referendum result will not have been respected.

“This may well have significantly adverse economic consequences, as the country turns in on itself to endure months, or years, of stifling constitutional argument.”




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