Economy

Pubs group JD Wetherspoon reports 28% jump in profit

Pubs group JD Wetherspoon reports 28% jump in profit”

Tim Martin - never one to hold back his opinions on Brussels - used the release of his company's annual results to urge European Union officials to "take a wise-up pill" and recognise they risked scoring an economic own goal in their demands of the UK.

Since the year end, Wetherspoon's like-for-like sales have increased by 6.1%.

The chain started out with one pub in Muswell Hill, north London, in 1979 and now has almost 1,000 outlets. Martin has previously criticised the EU and a year ago had said he would stop selling drinks brands from other European countries if senior EU leaders maintain a "bullying" approach to Brexit negotiations.

"Wetherspoon is extremely confident that it can switch from European Union suppliers, if required, although we would be very reluctant to initiate such actions", the pub operator's founder said on Friday (15 September).

JD Wetherspoon, owner and operator of more than 900 pubs in Britain and Ireland, on Friday reported an nearly 28 percent jump in annual pretax profit, helping to send shares in the company to a record high. This could not be sustained, he said. "We now anticipate a trading outcome for the current financial year in line with our expectations", Chairman Tim Martin said. "Comparisons will become more stretching - and sales, which were very strong in the summer holidays, are likely to return to more modest levels", he said.

Although the chain imports much of what it sells from the EU, Martin said EU negotiators' "current posturing and threats" were forcing British companies like his to "look elsewhere for supplies".

Revenue rose from £1.60bn to £1.66bn, while like-for-like sales climbed 4% and the company confirmed it will maintain its full year dividend of 4p per share.

On the currency markets, the pound hit a year-high against the dollar as traders continued to react to Thursday's comments from the Bank of England which suggested interest rates could rise later this year.

"The news that J D Wetherspoon has served up stronger than expected results, plus an even stronger start to the current year, will certainly have put investors in high spirits, especially since it comes just days after a disappointing update from rival Greene King.", said Hargreaves Lansdown analyst George Salmon.



Like this

Latest


15 September 2017
Insider Trading Activity - Fortune Brands Home & Security, (NYSE:FBHS)
Accern identifies positive and negative media coverage by analyzing more than twenty million blog and news sources in real time. On average, analysts expect that Fortune Brands Home & Security, Inc. will post $3.10 earnings per share for the current year.

15 September 2017
Volvo XC40 gets an early reveal!
The XC40 is the first vehicle based on Volvo's Compact Modular Architecture which is shared with Volvo's Chinese owners Geely. But the vehicle which will potentially explode sales for Volvo is the new compact SUV - the Volvo XC40.

15 September 2017
China's biggest bitcoin exchange to halt trading
On the plus side, with the Bitcoin bull market being thrown into reverse, the price of graphics cards should descend to normality. Gox was, but a debilitating cyberattack on Bitfinex, which could seriously hurt bitcoin's liquidity, can't be discounted.

15 September 2017
Apple silently killed off the Watch Series 2
Physically they look almost identical to the iPhone 7 series with one large difference: The metal back has been replaced by glass. With the Apple A11 Bionic chip backing it, the iPhone 8 and iPhone 8 Plus will be available with 64GB and 256GB onboard storage.

15 September 2017
Attacked in bed, safe a few feet away: Cuba mystery deepens
Some have experienced brain swelling, dizziness, nausea, severe headaches, balance problems and prolonged ringing in the ears. But in other respects the cases are different, with different symptoms and different memories of how the attacks transpired.

15 September 2017
Simran movie review: Kangana Ranaut highlights her Kleptomaniac side
The American characters appear to be the locals who were picked from the streets to act in a "Bollywood film". She starts to enjoy her life with no one to stop and tell her the difference between the right and the wrong.

15 September 2017
Heather Locklear Hospitalized After Crashing Porsche Into Ditch
The 55-year-old reportedly crashed her luxury auto into a ditch in Thousand Oaks, just outside the USA city, on Thursday. Law enforcement sources tell us Locklear was involved in a single vehicle wreck just before 6 PM in Thousand Oaks.

15 September 2017
Knife-wielding man attacks soldier in Paris, no injuries
The soldiers still will patrol around major tourist sites, places of worship, train stations and airports. In June, an ISIS supporter drove a auto loaded with gas bottles into a military vehicle on the same road.

15 September 2017
Kamal Haasan to launch his own political party with 'reformatory ideology'
Well, I have to start somewhere. "First I must clean my own home before I start on the neighbours", he added. A political party is about an ideology. "Don't vote me in and then wait for five years to vote me out".

15 September 2017
Saudis are said to prep for possible Aramco IPO delay
This called into question the impact on the Aramco sell-off, but the information ministry reiterated that the IPO was on track. The Saudi authorities are aiming to list around five per cent of Aramco, in an IPO that could value the firm at $2 trillion.



Recommended