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Wetherspoon makes 35 pub announcement after surge in costs
- On March 20, JD Wetherspoon announced plans to open 35 more pubs despite pre-tax profits sliding 31.9% to £22.4 million for the 26 weeks to January 25.
- Tim Martin said energy and wage costs have risen, with about £60 million in extra annual costs plus £7 million in energy and £2.4 million in packaging tax, squeezing margins.
- The group said more recently, like-for-like sales grew 2.6 per cent over the seven weeks to March 15, with revenues rising by 5.7 per cent to £1.9 billion and 794 managed pubs trading.
- Shares slid about 12% in Friday morning trading while the company said the year-end net debt forecast remains unchanged amid analysts warning on margin pressure.
- Wetherspoon reports sales are 22% higher than in 2019 despite 85 fewer pubs, and management emphasizes increasing margins amid high costs, with franchised pubs performing well.
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Total News Sources22
Leaning Left2Leaning Right1Center11Last UpdatedBias Distribution79% Center
Bias Distribution
- 79% of the sources are Center
79% Center
14%
C 79%
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