Wetherspoon profits knocked as costs spiral

Cornelia Mascio
Marzo 15, 2019

Pre-tax profits in the six months to January 27 fell by 18.9% to £50.3 million as costs rocketed by about £33 million.

However, revenue rose 7.1% to £889.6 million and like-for-like sales were up 6.3% in the period.

The group said that was due to rising costs, especially labour, which increased by about £33million. Repairs, utilities, interest and depreciation hit profits by...

He explained: "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".

Gaming machines also experienced an income boost of 5.7%.

In the first half of the year, the firm opened two new pubs and closed six, bringing its total estate to 879. It is set to put 16 pubs on the market, The Morning Advertiser reported this week.

The Brexit-backing chairman of JD Wetherspoon (JDW.L), Tim Martin, used the company's half-year earnings report to lash out at the "establishment" that supports Britain staying in the EU.

He said there had been "a barrage of negative economic forecasts" from universities, politicians and the media, on what would happen if the United Kingdom left without a deal.

"The doomsters ignore the most powerful nexus in economics, between democracy and prosperity - and the fact that the EU is becoming progressively less democratic, as it pursues an 'ever-closer union", for which there is no public consensus'.

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