JD Wetherspoon profit lifted by increased sales; CEO says no-deal Brexit 'most powerful' economic stimulant

Fri, 13th Sep 2019

Pub chain J D Wetherspoon reported a rise in annual profit on increased like-for-like for sales, but higher costs amid Brexit uncertainty kept growth in check. For the 52 weeks to 28 July 2019, pre-tax profit rose 7.2% to £95.4m and revenue grew 7.4% to £1,818.8m, with like-for-like sales up by 6.8%. Pre-tax profit before exceptional items fell 4.5%. The full year dividend was maintained at 12.0p. Looking ahead, the company said it currently anticipated a reasonable outcome for the current financial year. Chairman of Wetherspoon, Tim Martin continued to support a no deal Brexit, characterising it as the ‘most powerful economic stimulant,Â’ and advocated that it would increase UK democracy. ‘It is an absurdity to argue that a reduction in UK input costs, combined with increased democracy, will have a harmful effect on the economy - just as it would be absurd for a business to adopt this argument if its own costs were reduced,Â’ Martin added Story provided by StockMarketWire.com

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