JD Wetherspoon posts record half year profits (From Watford Observer)

JD Wetherspoon posts record half year profits

9:30am Tuesday 16th March 2010 in

• Skip social links
• Print
• Email
• Comments(0)

Watford-based pub operator JD Wetherspoon has posted record first half profits of £36.2m, a 41.4 per cent rise on 2009.

Turnover for the 26 weeks to January 24 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 July 25.

Chairman Tim Martin said: “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.

“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.”

Wetherspoon has 746 00 pubs and bars across the UK and is based in Reeds Crescent, Watford.