JD Wetherspoon sees record six-month profits
JD Wetherspoon has announced record first-half profits along with a successful refinancing and the reinstatement of a dividend.
In the six months to March 7th, turnover was up 4.1% to £488.1 million, with pre-tax profits up 41.4%to £36.2 million. Meanwhile, profit before tax and exceptional items was up 17.5% to £36.2 million.
Commenting on the results, Tim Martin, chairman, said: "Sales and profits in the six months under review were at record levels, notwithstanding the immense pressure on the pub business from government legislation, thanks, above all, to the great efforts of all of our staff.
“Trading in the six weeks to March 7th 2010 continues on a similar trend to last year, with like-for-like sales down 0.4% and total sales increasing by 3.9%. As a result of our sales, profits and free cash flow, together with our continued efforts to improve every area of the business, I remain confident of our future prospects”.
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