Wetherspoons loses some fizz after annual results

FTSE 250 pub landlord JD Wetherspoon (LON:JDW) saw revenues rise by 7.4% for the year ended 28th July. Pre-tax profits for the year fell by 4.5%, largely due to an impairment charge and a loss on disposal.

Chairman Tim Martin commented that: “Despite continuing political problems, stemming from the transfer of democratic power to a technocratic elite, Wetherspoon continues to perform well. Like-for-like sales for the six weeks to 8 September 2019 were up 5.9%.

“We currently anticipate a reasonable outcome (pre IFRS16) for the current financial year, subject to our future sales performance.

“As in previous years, we will provide updates, during the year, on the company’s trading”.

The price of Wetherspoon’s share dropped 0.26% to 1,546p (as of 15:10 BST).