Wetherspoon beats recession with 41% increase in first half profits

Pub group JD Wetherspoon is continuing to avoid the recessionary blues with pre-tax profits for the first half of the year showing a 41.4% increase.

The company, which has 746 pubs across Britain, said underlying pretax profit rose to £36.2m in the 26 weeks to January 24, compared to £26.5m in the previous year.

The pub group which specialises in cheap drinks and meals offerings for families and students has contibued to perform well, despite the “staycation” trend seeing more people buying alcohol from supermarkets.

Its turnover also increasd by 4.1% to £488.1m, compared to £468.7m in the year before, allowing the group to open 17 new pubs, with only two being forced out of business in the recession.

Tim Martin, chairman of J D Wetherspoon, says: “Sales and profits in the six months under review were at record levels, notwithstanding the immense pressure on the pub business from government legislation, thanks, above all, to the great efforts of all of our staff. Trading in the 6 weeks to 7 March 2010 continues on a similar trend to last year, with like-for-like sales down 0.4% and total sales increasing by 3.9%. As a result of our sales, profits and free cash flow, together with our continued efforts to improve every area of the business, I remain confident of our future prospects.”

Latest from Marketing Week

Marketoonist on whack-an-idea

Marketoonist

Tom Fishburne is founder of Marketoon Studios. Follow his work at marketoonist.com or on Twitter @tomfishburne See more of the Marketoonist here

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here