Wetherspoon in sunny mood despite profits fall

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Tim Martin, founder and chairman of JD Wetherspoon, was in glass-half-full mood today, telling investors the second half would probably be better than the first, in which profits dipped 4% to  £36 million. 

“I’m anticipating sub-tropical temperatures across the country for the coming months,” joked Martin before adding: “The comparatives are more favourable with bigger wage rises last year and slightly better margins.”

Sales from pubs open at least a year are up 3.7% in the past six weeks against a 2.9% rise in the first six months of the financial year to a total of £790 million. 

Following the recent “Roastgate”, when Wetherspoon created a media storm by taking Sunday roasts off the menu, Martin said: “We are giving it a try. 

“The fact is Sunday is the day we sell the most breakfasts and by taking roasts off, we reckon we can improve the speed and quality of those breakfasts.”

The half-year dividend is unchanged at 4p a share.

Source Article from http://www.standard.co.uk/business/wetherspoon-in-sunny-mood-despite-profits-fall-a3201486.html

March 12, 2016 |
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