Pubs and Bars

JD Wetherspoon sees revenues jump 7.4% in 2018

Pub owners and operator JD Wetherspoon has reports a 7.4% rise in revenue to £1.8bn for year up to 28 July 2019.

On top of the revenue increase, like-for-like sales for the period also rose by 6.8%, bar sales were up by 5.8% and food sales also increased by 8.3%.

Operating profit did decrease by 0.3% to £131.9m compared with £132.3m the previous year. The company’s total net debt, excluding derivatives, was £737m an increase of £10.8m.

The company opened five pubs during the year, with 879 pubs in its portfolio by the end of the financial year. Like-for-like sales for the six weeks to 8 September 2019 were also up by 5.9%.

Tim Martin, the chairman of J D Wetherspoon, said: “Despite continuing political problems, stemming from the transfer of democratic power to a technocratic elite, Wetherspoon continues to perform well. Like-for-like sales for the six weeks to 8 September 2019 were up 5.9%.

“We currently anticipate a reasonable outcome (pre IFRS16) for the current financial year, subject to our future sales performance.”

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