Wetherspoon revenues rise 10% to £1.9bn in FY23

JD Wetherspoon reported a 10.6% revenue increase to £1.9bn for the year ended on July 30 2023. 

Compared to FY19, like-for-like sales for the financial year increased by 7.4%. Bar sales increased  by 2.1%, food sales by 13.7%, slot/fruit machine sales by 43.0% and hotel sales by 15.4%.  

Like-for-like sales, compared to FY22, increased by 12.7% – with like-for-like bar sales increasing by 9%, food sales by 17.7%, slot/fruit machine sales by 26.4% and hotel rooms by 11.8%.  

Operating profit for the pub chain bounced back to £107.1m, compared to £25.7m in 2022. Profit before tax was £42.6m, compared to £30.4m loss in 2022. 

Throughout the year, the company sold 13 pubs, terminated the leases of 14 pubs, and closed 4 pubs. This gave rise to a  cash inflow of £7m after associated fees.

Like-for-like sales, compared to FY19, have continued to improve in the first 9 weeks of the current financial year (FY24) and are 17.3% ahead of the equivalent 9-week period.  

The company currently anticipates a reasonable outcome for the financial year, subject to future sales performance.

Commenting on the results, Tim Martin, chairman of J D Wetherspoon, said: 

“Wetherspoon continues to perform well. In the first nine weeks of the current financial year, to 1 October 2023,  like-for-like sales increased by 9.9%, compared with the nine weeks to 2 October 2022. 

“As we said last year, perhaps the biggest threat to the hospitality industry is the possibility of further lockdowns and restrictions.”