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JD Wetherspoon reports good growth and resilient sales
10:00am Wednesday 30th March 2011 in Business News
Interim results for Watford-based pub operator JD Wetherspoon show good sales growth coupled with increased investment in its estate of pubs.
Wetherspoon employs almost 400 people at its headquarters in Reeds Crescent and a further 23,000 at its pubs across the UK.
Locally the operator runs The Moon under Water in Watford High Street, The Columbia Press in The Parade, Watford, and The Pennsylvanian in Rickmansworth High Street.
Highlights show revenue is up 7.6 per cent to £525.4m; operating profit is up 1.4 per cent to £49.6 million.
However, profit before tax is down 11.0 per cent to £32.2 million, due to higher interest charges and earnings per share is down 9.1 per cent to 15.9 per cent.
During the period Wetherspoon opened 14 pubs and closed two leaving an estate of 787 pubs.
Chairman Tim Martin said: “Sales and operating profits in the six months under review were at record levels, in spite of the pernicious combination of increasing taxes and regulation.
“Trading in the 6 weeks to 6 March 2011 continued on a similar trend to the first half of the current financial year, with like-for-like sales up 2.8 per cent and total sales increasing by 7.9 per cent.
Given our resilient sales performance and strong cash flow, I remain confident of a reasonable outcome in the current financial year.”