JD Wetherspoon has achieved a revenue increase of 7.1% for the 26 weeks to 27 January 2019, to £889.6m, with like-for-like sales (lfls) up 6.3% over the period.
However profit before tax (before exceptional items) fell by 18.9% to £50.3m, compared with £62m in the comparable period in 2018.
Llfs on food were up by 7.1%, while bar sales were up by 5.9%, fruit/slot machines by +5.7% and accommodation sales by +0.3%.
Bar sales represented 60.5% of total sales and food 35.9%.
In the six weeks to 10 March 2019, lfls increased by 9.6%, helped by the warmer weather, compared with the snow last year, with total sales up 10.9%.
Chairman Tim Martin said that, 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”.
The past six months saw £55.7m spent on freehold reversions – a significant step-up on the £7.5m spent over the same period last year, with £24.9m spent on existing pubs and £14.8m on new pub openings and extensions.
During the period it opened two new pubs and closed six, bringing the total estate to 879.
Commenting on the current situation around Brexit, Martin added: “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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