Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Wetherspoon profits jump as Covid recovery continues

by March 23, 2024
March 23, 2024
Wetherspoon profits jump as Covid recovery continues

Wetherspoon, the pub chain, has experienced a significant surge in profits, marking an eightfold increase, as it continues its recovery from the Covid-19 pandemic.

Pre-tax profits soared from £4.6 million to £36 million in the first half of the financial year, driven by higher footfall in the group’s pubs.

Despite a reduction in the number of pubs, Wetherspoon’s overall sales have been on the rise, with bar sales witnessing a notable 12% increase over the year. The top-selling items for the chain, which operates 814 pubs, were coffee and Pepsi, while food sales and slot machine revenues also saw growth.

Although sales growth has continued into the new financial year, the pace has slowed down, leading to a 6% drop in the company’s shares. Founder Tim Martin described the financial results as “good” but not “sensational,” characterising the recovery from the pandemic as a “slow three-year slog.”

However, Wetherspoon’s profit margins for the six months remained at 6.8%, below its pre-pandemic levels of 7.1%. Derren Nathan, head of equity research at Hargreaves Lansdown, acknowledged the impressive recovery but noted that margins are still thin, with limited indications of future improvement.

Wetherspoon has streamlined its operations by reducing the number of pubs from 955 to 814 in recent years, resulting in a significant increase in sales per pub. Mr. Martin emphasized the high tax burden on pubs and restaurants in the UK compared to supermarkets, advocating for tax equality to rejuvenate High Streets and town centers.

He called for a reduction in VAT rates on restaurant and food sales, similar to those in other European countries where rates typically range from 5-10%. This, he believes, would create a more favourable business environment and support the revitalisation of local economies.

Read more:
Wetherspoon profits jump as Covid recovery continues

0
FacebookTwitterGoogle +Pinterest
previous post
Look Out Below! The Bear Case For Apple
next post
Staff on sick leave at record highs in the workforce

You may also like

Families Rush to Transfer Property Amid Fears of...

May 27, 2024

Rural crime wave forces farmers to paint their...

August 4, 2022

Trump’s tariffs ‘already hitting Britain’s steel exports’

March 19, 2025

Google for Startups unveils the 10 Black-led UK...

June 12, 2023

Zeus nets £1.8 million in angel funding round

October 12, 2022

Doncaster Sheffield Airport is closing with the loss...

September 26, 2022

Why is nobody already selling my idea?

June 3, 2024

M&S warns of possible price hikes as national...

November 7, 2024

Ørsted shelves major UK offshore windfarm project in...

May 8, 2025

Over 800,000 businesses created in the UK this...

September 26, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved