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Wetherspoon's marginal decline

Wetherspoon's marginal decline

JD Wetherspoon’s (JDW) chairman Tim Martin didn’t dwell too long on the 14.2 per cent decline in half-year operating profit, before launching a broadside at the nation’s politicians for not delivering on the EU referendum result. Brexit aside, the value-focussed pub chain saw the underlying margin shrink to 7.1 per cent from 8.9 per cent at the 2018 half-year. Increased staff costs added £33m to the cost base, while free cash-flow was held in check due to share purchases for employees and payments relating to tax and interest.

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