Wetherspoons preliminary financial results show 1.4 percent revenue growth and 42.8 percent total profit increase from 2016.
JD Wetherspoons has released its preliminary financial results, which reveal that, barring any exceptional items, revenue before tax is £801.4m, up by 1.4 percent from last year. Total profits before tax amounted to £51.4m, up by 42.8 percent from 2016.
However there was a slight dip in the income contributed by coin-op machines.
Tim Martin, chairman of JD Wetherspoons, said: “Like-for-like bar sales increased by 2.4 percent, food by 5.1 percent and fruit/slot machines decreased by 2.1 percent. Like-for-like room sales at our hotels increased by 14.8 percent. Bar sales were 61.4 percent of the total, food was 34.8 percent, fruit machines were 2.6 percent and room sales were 1.0 percent.
“During the period, the company received £0.4m in compensation in respect of a transfer of interest-rate swaps between two financial institutions; this has been treated as an exceptional item.
“In addition, there were £4.1m of exceptional tax credits, as a result of a reduction in the UK average corporation tax rate, which has the effect of creating an exceptional tax credit for future years. The total cash effect of these exceptional items resulted in cash inflow of £8.9m.”