Wetherspoon s profits plunge by 19%

Wetherspoon s profits plunge by 19%
Its chairman, Brexit supporter Tim Martin, who generally accompanies results announcements with his colourful opinions, expressed concern that Brexit would be reversed.

This, he said, would have "adverse economic consequences".

He blamed "the establishment" for a "barrage of negative economic forecasts".

Mr Martin is currently touring 100 of his 900 pubs, talking to punters about the merits of leaving the EU without a deal on 29 March.

Image caption Wetherspoons chairman Tim Martin has said prices may have to rise

and prosecco with non-European Union sparkling wines.

There has also been a switch in the beers available. Wheat beer and alcohol-free beer from the UK are replacing beers brewed in Germany.

Although profits fell sharply, sales at the chain are continuing to rise.

Wetherspoon s revenues rose by 7%, and like-for-like sales by more than 6%.

Richard Hunter, of Interactive Investor, said the industry as a whole was struggling: "The wafer-thin margins within the industry are susceptible to any spike in costs, which leaves the pubs vulnerable from an investment perspective."
News Topics :
Similar Articles :
LONDON A pub chain founded by a prominent Brexit supporter said Wednesday it will stop selling French brandy and German Jagermeister liqueur and replace them with products from countries...
In the year to 30 July, profits before exceptional items rose 27.6 to £102.8m with total sales up 4.1 to £1.66bn. Like for like sales which strip out the impact of...
The pub chain blamed a £30m rise in labour costs, along with the rising cost of interest payments, utility bills, repairs and depreciation. But company chairman Tim Martin said full year...
As a small independent bar group, we do feel a hit at the start of the year, says Tom Jackman, director of the Northcote, Venn Street and Old Street Records...
Wetherspoons has reported record annual sales and profits, but warned that prices and costs are likely to rise in the coming months. The pub chain led by Tim Martin said...