Wetherspoon profits jump 81% to £67.7m as revenues soar
Like-for-like sales increased by 9.9% compared to FY23
JD Wetherspoon profits rose 81% to £67.7m as revenues increased 8.2% to £991m during the 26 weeks ended 28 January 2024.
Like-for-like sales increased by 9.9% compared to FY23. Like-for-like bar sales increased by 11.6%, food sales by 7.6%, slot/fruit machine sales by 10.5% and hotel rooms by 2.8%.
The pub group said that like-for-like sales were stronger than total sales due to a small number of pub disposals and lease terminations.
The operating profit, before separately disclosed items, was £67.7m, compared to £37.4m in 2023. The profit before tax and separately disclosed items was £36m, an increase from £4.6m in the previous year.
In the period, the company sold five pubs, terminated the lease of five pubs and sublet three pubs, which gave rise to a cash inflow of £3.8m.
So far sales continue to improve. In the last 7 weeks, to 17 March 2024, like-for-like sales increased by 5.8%.
Commenting on the results, Tim Martin, chairman of J D Wetherspoon plc, said: “The company continues to be concerned about the possibility of further lockdowns and about the efficacy of the government enquiry into the pandemic, which will not be concluded for several years.
“The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance.”
