Wetherspoons posts full-year growth as chairman trumpets Brexit

Pub operator JD Wetherspoon posted its preliminary results for the year to 24 July on Friday, with revenue rising 5.4% to £1.595bn, and like-for-like sales improving 3.4% over the prior year.

The FTSE 250 firm’s profit before tax was up 3.6% at £77.8m, with operating profit dropping 2.5% to £109.7m and earnings per share growing 2.8% to 48.3p.

Its board maintained the full-year dividend at 12p.

After exceptional items, Wetherspoon’s profit before tax was £66m, up 12.5% year-on-year, with an operating profit of £109.7m up 3%.

Earnings per share after exceptional items were up 18.3% to 43.4p.

“I am pleased to report a year of progress for the company, with record sales, profit and earnings per share before exceptional items,” said chairman Tim Martin.

In his lengthy statement, Martin focused on giving the government advice on how to deal with Brexit - which the pub chain actively promoted - rather than focusing on the business’s performance.

He did outline its situation in the current year, however, saying that since the year end, Wetherspoon's sales have increased by 4.1%.

“Despite this positive start, it remains to be seen whether this will continue over the remainder of the year, given the strong like-for-like sales in the last financial year and what remains a very low-inflation environment.”