Wetherspoons results beat expectations
Wetherspoons results beat expectations
Friday 11th September 2009
Pub chain J D Wetherspoons has reported better-than-expected full year profits.The group said pre-tax profits rose 13.6 per cent to July 26th, up to £66.2 million.
Like-for-like sales grew by 1.2 per cent during the year, with sales growth continuing into the first six weeks of the current financial year.
Commenting on the results, Tim Martin, chairman of J D Wetherspoons, said: "I am pleased to report a record year for the company in sales, profit before tax and exceptional items and free cash flow.
"We generated free cash flow of £99.5 million, a 39.4 per cent increase on £71.4 million last year. The company opened 39 pubs during the year, resulting in a total estate of 731 pubs."
He said the company's approach to bar, food and coffee sales helped ensure pubs were busy throughout much of the week thereby "maximising profits and employment opportunities, as well as generating volume growth for many of our suppliers".
Mr Martin said the company still intended to repay its $140 million (£87 million) private placement, due for renewal in September 2009, from cash flow and remaining facilities.
"As a result of our strong cash flow, our dedicated management team and our continuing efforts to improve the business, we remain confident of our future prospects," he added.
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