Revenue up, profits down as Wetherspoon chairman backs Brexit

The company's operating profit was down by 10.8% in the 26 weeks to 24 January, however, to £49.4m, with profit before tax dipping 3.9% to £36m. Underlying earnings per share were down 16.6% to 19.1p.

After exceptional items, profit before tax was down 2.2% to £36.6m. Wetherspoon maintained its interim dividend at 4p.

"As previously highlighted, the biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs," said chairman Tim Martin.

"There is a growing realisation among politicians, the media and the public that pubs are overtaxed and that a level tax playing field will create more jobs and taxes for the country," he added.

Martin said sales comparisons in the second half of the financial year would be slightly more favourable, though further wage increases were due in April.

The pub and restaurant market was highly competitive at present, he added, but the company was aiming for a 'reasonable outcome' for the financial year before the impact of a £3.8m property gain.

"A wide debate is taking place as to whether the United Kingdom should leave the European Union," Martin said at the end of his statement.

"I have written an article on the subject, favouring withdrawal from the union, since returning power to the national parliament will increase the level of democracy and accountability."

The article was attached to the interim results.