Brexiteer’s pub chain profits take another knock
- Credit: PA Archive/Press Association Ima
Profits at JD Wetherspoon are expected to come in lower in the first half of the year as its Brexit-backing boss continued to use the business to promote the UK leaving the EU.
The pubs chain said in a trading update that in the first 12 weeks of the second quarter to January 20, like-for-like sales increased by 7.2% and total sales by 8.3%. In the half year, comparable increased by 6.3% and total sales by 7.2%.
However, costs have rocketed, especially labour, which has increased by about £30 million in the period.
Wetherspoon said that pre-tax profit in the first half is expected to be lower than last year's £62 million.
Chairman Tim Martin said: 'Sales growth has been strong since our last update.
You may also want to watch:
'Costs, as previously indicated, are considerably higher than the previous year, especially labour, which has increased by about £30 million in the period, but also in other areas, including interest, utilities, repairs and depreciation.
'Profit before tax in the first half is expected to be lower than the same period last year. Our expectations for the full year are unchanged.'
- 1 Who's on the BBC's Question Time tonight?
- 2 US election result could spark 'end of Brexit', claims peer
- 3 'Assorted caviar' and 'board games' - Gifts confiscated from Boris Johnson due to anti-corruption laws
- 4 Minister self-isolates just a day after being spotted flouting mask rules
- 5 Tory minister's claim over free school meals funding gets quickly debunked
- 6 MANDRAKE: Chilling news for Telegraph bosses
- 7 Farage says he can dodge US travel ban because he's a 'journalist'
- 8 Poll puts Labour on highest level of support since 2014
- 9 Question Time: Tory minister told 'diverse' cabinet doesn't erase race issues in party
- 10 Tory MP blames 'chaotic parents' for children going to school hungry
However, should anyone expect Martin to use the profits warning to rein in his political views will be disappointed.
Martin used the financial update to argue that one of the reasons Britain should quit the EU is because of tariffs the bloc has imposed on Cambodian rice.
The pub boss has been touring Wetherspoon's pubs to argue for a no deal Brexit in recent months, and the company is now sending out copies of its in-house magazine across the country to assist with promoting its view.
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.