J D Wetherspoon has announced its pre-close trading statement for the financial year ending 28 July 2019. The preliminary results are due to be announced on 13 September 2019.
For the 10 weeks to 7 July 2019, like-for-like sales increased by 6.9% and total sales increased by 6.6%. Year-to-date like-for-like sales have increased by 6.7% and total sales increased by 7.4%.
Since the start of the financial year, Wetherspoon has opened five new pubs and disposed of nine. No further openings are expected in the current financial year.
About £3m of exceptional, non-cash losses are expected in this financial year, mainly as a result of pub disposals which were seen as below the value in the company’s balance sheet.
In the current financial year to date, the company has spent £71m on buying the freeholds of pubs of which it was previously the tenant and has bought back £5.4m of the company’s shares.
Net debt at the end of this financial year is expected to be about £745m.
You can read last year’s interview with founder Tim Martin (pictured) by clicking here.