JD Wetherspoon has reported record first half profits of £36.2m, a 41.4 per cent rise on last year, reports The Big Hospitality.
Profit was up 17.5 per cent on a pre-exceptional basis at the 746-strong managed pub chain which also successfully carried out a refinancing deal and reintroduced a dividend.
Turnover for the 26 weeks to 24 January was up 4.1 per cent to £488.1m including sales from 17 new pubs. Like-for-like sales increased marginally by 0.1 per cent with total sales.
Wetherspoon plans to open 50 pubs this year. It will issue a dividend of 12p a share for the financial year ending 25 July.
“Sales and profits in the six months under review were at record levels, notwithstanding the immense pressure on the pub business from government legislation, thanks, above all, to the great efforts of all of our staff,” said chairman Tim Martin.
“Trading in the six weeks to 7 March 2010 continues on a similar trend to last year, with like-for-like sales down 0.4 per cent and total sales increasing by 3.9 per cent.
"As a result of our sales, profits and free cash flow, together with our continued efforts to improve every area of the business, I remain confident of our future prospects.”
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