J D Wetherspoon has outperformed the CGA RSM Hospitality Business Tracker for 36 months in a row, according to an interim update.
The managed pub operator reported in the last nine weeks to 28 September 2025, like-for-like sales increased by 3.2%.
The latest Tracker for August 2025 said industry like-for-like sales were +0.5%, while during this period Wetherspoon like-for-like sales were +3.7%.
The Tim Martin-chaired company said it currently anticipates a “reasonable outcome” for the financial year, although warned government-led cost increases in areas such as energy may have a bearing on the outcome.
In results for the 52 weeks ended 27 July 2025, total FY25 sales in were £2.12bn, an increase of 4.5%, compared to FY24.
Like-for-like sales increased by 5.1% - bar sales by 5.1%, food by 5%.
Operating profit, before separately disclosed items, was £146.4m (2024: £139.5m).
Profit, before tax and separately disclosed items, was £81.4m (2024: £73.9m).
Three Wetherspoon managed pubs opened in the year and nine were sold. The disposals gave rise to a cash inflow of £8.1m. There was a loss on disposal of £0.9m relating to those pubs.
At the end of the period 794 managed pubs were trading. The company intends to open approximately 15 managed pubs in the current financial year, excluding franchised pubs.
Five franchised pubs opened in the year, bringing the total number to eight. The company anticipates opening approximately 15 franchised pubs in the current financial year. Operationally, franchised pubs have performed “extremely well”, with very high standards and encouraging sales levels.
Total capital investment was £117m (2024: £116.5m). Of this, £24.1m was invested in new pubs and pub extensions, £62.5m in existing pubs, £11.6m in business and IT projects and £18.7m in freehold reversions of properties where Wetherspoon was the tenant.
Overall, there was a pre-tax ‘separately disclosed gain’ of £7.9 million, made up of £4.9m in of impairment reversals and charges; and £12.7m relating to the amortisation of the hedge reserve to the P&L.
Harry Morley is retiring from the board at this year’s AGM after 9 years as a non-executive director of the company and as chair of the audit committee. The company intends to seek a replacement for Harry in due course.
