4th Oct 2024 09:18
(Alliance News) - JD Wetherspoon PLC on Friday said sales continued to improve despite having fewer pubs than before the pandemic, as annual adjusted pretax profit surged.
The Watford, Hertfordshire-based operator of 800 pubs and hotels across UK and Ireland said pretax profit fell 33% to GBP60.6 million in the financial year ended July 28 from GBP90.5 million a year ago.
However, its adjusted pretax profit jumped 74% to GBP73.9 million from GBP42.6 million.
The adjusted figures don't include a separately disclosed finance income relating to interest-rate swaps, which fell to GBP16.1 million in financial 2024 from GBP97.7 million a year ago.
Revenue rose 5.7% to GBP2.04 billion from GBP1.93 billion a year ago.
Operating costs increased more mildly, by 4.4% to GBP1.9 million from GBP1.8 million.
The company highlighted that the number of pubs has fallen to 800 in financial 2024 from 879 at the financial year 2019-end, before the Covid pandemic.
Wetherspoon proposed a full-year dividend of 12.0 pence per share, compared to none a year ago.
Looking ahead, the company said: "The company currently anticipates a reasonable outcome for the current financial year, subject to our future sales performance."
Wetherspoon shares rose 0.3% to 726.85p each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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