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18/01/2025
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Pub operator JD Wetherspoon says it has had a “successful” half year after reporting a rise in sales.
Like-for-like sales – which strip out the impact of new pubs – were up 1.9% in the six months to 25 January, while total sales climbed 6.5% to £468.7m.
Sales during the period were helped by a promotion which saw the cost of a pint of beer reduced to 99p.
Pre-tax profits for the six month period before exceptional items were up 2% to £30.8m.
However, after one-off costs relating to the disposal of properties and legal fees, pre-tax profits were down 10.2% to £25.6m.
“Although the pub industry as a whole is under great pressure from higher taxes and social legislation, as well as a difficult economy, as a result of our strong cashflow, reducing debt and the excellent work of our employees, I remain confident of the company’s future prospects,” said Wetherspoon chairman Tim Martin
The company said that in the six weeks to 8 March, its sales had continued to grow, with like-for-like sales up 1.9% and total sales 5.6% higher.
It confirmed that it would not be paying a dividend. In January it had said it would be cancelling future dividend payments and would use the money to cut its debts.
Tax warning
Mr Martin hit out at the tax burden facing the pub industry, saying the costs of taxes and regulations had “gone too far”.
“The government seems not to understand the economic impact of new taxes and legislation and continues to impose new burdens at a huge rate,” he said.
Wetherspoon said that its average pub made a £50,000 profit after tax, while it generated taxes of about £530,000.
“Britain has now become a highly taxed economy, with high and increasing employment costs, which will have predictable and inevitable effects on employment levels and tax income in the near and medium term,” Mr Martin said.
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