Wetherspoon prioritises sales over profits

Wetherspoon prioritises sales over profits

“We’re not really focusing our major efforts on increasing profits in every year,” JD Wetherspoon (JDW) chairman Tim Martin says, before adding that this is a medium to long-term aspiration rather than a consistent short-term goal. The pub group’s like-for-like sales increased by nearly 7 per cent over its full year, but rising costs chipped away at the pub group’s adjusted profits. These included booming wage expenditure and a 25 per cent uptick in finance costs, much of which pertained to fixed-interest swaps taken out “a few years ago” when the chairman had predicted the lifting of interest rates. Statutory pre-tax profits were helped by the fact that the comparative period saw higher exceptional property losses.

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