Wetherspoons recovering after difficult few years
The company anticipates a reasonable financial outcome this year
J D Wetherspoons is on the route to recovery following a difficult trading period, with revenue reaching £1,925m – a 10.6% increase on last year (2022: £1,740.5m).
The group suffered record losses as a result of the pandemic and subsequent lockdowns, recording its worst financial performance to date in 2021. Rising energy and food costs over the last 18 months have put further pressure on the estate, but with inflation now appearing to level out, forecasts for 2024 are looking positive.
For the 52 weeks ended 30 July 2023, like-for-like sales soared by 12.7%. The group's profit before tax hit £42.6m, versus a loss of £30.4m in 2022.
The company has seen a strong start to the new financial year, with like-for-like sales rising by 9.9%.
Chairman Tim Martin says of the results: "The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance."
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