Results leave bitter taste at Wetherspoon - News Summed Up

Results leave bitter taste at Wetherspoon


Tim Martin, JD Wetherspoon’s chairman, used his pubs to promote a no-deal Brexit, sparking a petition from some unhappy staff KIRSTY O'CONNOR/PAAmid the diatribes against Brexit, tax, corporate governance and “the Establishment”, it is sometimes easy to forget that JD Wetherspoon is a pub operator rather than a soapbox for its founder’s opinions. Reality dawned yesterday, as the FTSE 250 company chaired by Tim Martin reported an 18.9 per cent fall in profit before tax and exceptionals to £50.3 million in the half-year to January 27 as costs took their toll on its margins. While revenues grew by 7.1 per cent to £889.6 million, a like-for-like increase of 6.3 per cent, operating profit fell by 14.2 per cent to £63.5 million and the operating margin fell from 8.9 per cent to 7.1 per cent as labour costs rose £33 million. Repairs, utilities, interest and depreciation hit…


Source: The Times March 15, 2019 17:19 UTC



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