JD Wetherspoon has today announced its full year results:
- Like-for-like sales rose by 7.6%, or up 6.0% adjusting for bank holiday timing.
- Total revenue rose 5.7% and profit before tax was up 73.5%. A full-year dividend of 12p was also declared.
- Solid start to the new financial year with like-for-like sales rising 4.9% in the first nine weeks.
Charlie Huggins, manager of the ‘Quality Shares Portfolio’ at Wealth Club, commented:
“Wetherspoons has enjoyed a good year, reporting a significant recovery in sales and profits and a return to the dividend register. With many pub and restaurant companies struggling in the current environment, this is an impressive performance.
Despite the challenging economy, consumers are still spending. However, they are becoming increasingly discerning. Wetherspoon’s commitment to low prices and doing the basics well are helping to keep punters loyal.
The backdrop still remains very difficult, with the rise in wages posing a considerable cost headwind for the sector. But Wetherspoons looks better placed than its rivals to shoulder this. With interest rates now starting to come down and inflation moderating, the outlook for the consumer also looks better than it has for some time.
In an environment where the strong seem likely to get stronger, Wetherspoons looks well placed to grow market share and sustain its recent sales momentum.”
Wealth Club
The aim of Wealth Club is simple. To provide high net worth individuals and sophisticated investors with clear, impartial and well researched information on investment opportunities not typically available through mainstream stockbrokers or financial advisers. Wealth Club was set up in February 2016 and is now the largest non-advisory broker of tax efficient investments such as VCTs, EIS and Inheritance Tax Portfolios. Since launch 11,500 clients have invested more than £1.375 billion through its platform. Wealth Club targets commercially compelling, high potential and high growth companies to back. In 2023, over 40% of Wealth Club’s direct investments in private companies were oversubscribed.
JD Wetherspoon
J D Wetherspoon (branded variously as Wetherspoon or Wetherspoons, and colloquially known as Spoons) is a pub company operating in the United Kingdom and Ireland. The company was founded in 1979 by Tim Martin and is based in Watford. It operates the sub-brand of Lloyds No.1 bars, and 56 Wetherspoon hotels.[3] Wetherspoon is known for converting unconventional premises, such as former cinemas and banks, into pubs. The company is publicly listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Many Wetherspoon pubs are restored from interesting and, in several cases, unique buildings.
Wetherspoon’s chairman and founder, Tim Martin, said: “We take immense pride in the restoration and refurbishment of wonderful buildings into Wetherspoon pubs. We feel that it is right to celebrate the history of the buildings.”
Feature image by Greg Willson on Unsplash
