Search

JD Wetherspoon expecting weaker year of sales as chairman reiterates Brexit plea

PUBLISHED: 09:30 07 November 2018 | UPDATED: 17:25 07 November 2018

The JD Wetherspoon Queen of Iceni on Riverside in Norwich. Picture: James Bass

The JD Wetherspoon Queen of Iceni on Riverside in Norwich. Picture: James Bass

Archant Norfolk Photographic© 2007

Pub group JD Wetherspoon expects annual results to be weaker than last year, despite sales growing “strongly”.

In a trading update for the 13 weeks to October 28, the chain said sales increased by 5.5%, and total sales were up 6.2%.

Despite this, chairman Tim Martin said the company was dealing with tough comparatives, having delivered several years of record profits.

“It is difficult to be too precise at this early stage of the current financial year, but we now expect a trading outcome slightly below that achieved in the previous financial year,” he said

“We will provide further updates on our trading as we progress through the year.”

Mr Martin reiterated his belief that the UK should adopt free trade after Brexit.

Shares in Wetherspoon’s dropped by 5% in early trading.

The company has opened two new pubs in the first quarter and has closed or sold three.

It guided new openings of between five and 10 pubs in the current financial year.

The group also said on Tuesday that it is increasing staff wages in response to record low levels of unemployment.

“Having had several recent years of record profits, we are not immediately seeking to recoup these increased costs through higher pricing or ‘mitigation’, but will review that during the year,” said Mr Martin.

Other News

Yesterday, 16:09

One Great Yarmouth home has fully embraced the Christmas spirit this year, all in the name of a good cause.

Yesterday, 14:28

The heart of two communities shone through as well-wishers - including an MP - rushed to help people injured in two serious falls.

Yesterday, 12:00

The future of Great Yarmouth is bright, according to council bosses leading the transformation charge in the borough.

Yesterday, 10:41

Drivers are being forced to pay a “stealth tax”, it has been claimed, after it was revealed car owners in Norwich paid £74 on average last year to park their cars.

Most Read

Yesterday, 16:09

One Great Yarmouth home has fully embraced the Christmas spirit this year, all in the name of a good cause.

Read more
Yesterday, 12:00

The future of Great Yarmouth is bright, according to council bosses leading the transformation charge in the borough.

Read more
Trevor Wainwright
Friday, December 7, 2018

Taco Bell has opened its doors in Great Yarmouth for the first time after a surprise early opening, much to the delight of fans of the Tex-Mex fast food chain.

Read more
United States
Yesterday, 10:41

Drivers are being forced to pay a “stealth tax”, it has been claimed, after it was revealed car owners in Norwich paid £74 on average last year to park their cars.

Read more
Broadland District Council
Friday, December 7, 2018

A train driver who has seen four people die while he was at the controls has described the lasting effect it has had on his life.

Read more
Facebook

Local Weather

Sunny

Sunny

max temp: 8°C

min temp: 1°C

Hot Jobs

Show Job Lists

Digital Edition

cover

Enjoy the Great
Yarmouth Mercury

e-edition today

Subscribe

Newsletter Sign Up

Great Yarmouth Mercury weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy