.

And another cracking down chart.

LONDON (Thomson Financial) - JD Wetherspoon plc reported like for like sales in the second quarter covering the 11 weeks to Jan 13 fell by 3.2 pct as strong food sales growth failed to offset sufficiently a drop in bar sales.

In a statement issued ahead of the March release of first half results for the pubs group it said total group sales in the 24 weeks to Jan 13 were up 0.4 pct but like for like sales for the same period were down 2.0 pct.

It said a strong trend within the business has been a reduction in sales of premium lagers and spirits and an upturn in sales of real ale, food and coffee.

Wetherspoon also said it expects operating margins for the first half to improve slightly from the 0.6 pct decline seen in the first quarter primarily as a result of lower energy and repairs costs.

The group reduced its expectations for the number of new pubs to be opened this year to around 25. It said some previously anticipated openings are now likely to take place in the next financial year.

The board that with the smoking bans introduced in England, Wales and Northern Ireland in 2007 the group continues to remain cautious regarding the outlook for this financial year.

It added however that it is confident that a non-smoking environment will result in growth in both bar and food categories in the medium and long term.

up today.

J D Wetherspoon plc ("the Company") is pleased to provide an annual information
update, in accordance with the requirements of Prospectus Rule 5.2.1R. The
information referred to in this update was up to date at the time the
information was published but some information may now be out-of-date. To avoid
an unnecessarily lengthy document, information is referred to in this update
rather than included in full.


1. Announcements made via RNS, a regulatory information service


All of the documents listed below were published via RNS, a Regulatory
Information Service:

Date Regulatory Headline Brief Description of announcement

22-Jan-08 Pre-close Statement Pre-close trading statement
14-Jan-08 Blocklisting Interim Review For Executive Share Option Schemes in
period 01.07.07 to 01.01.08
11-Jan-08 Director/PDMR Shareholding Tim Martin (Chairman) purchased 325,000
shares at a price of 300.766p. This
brings his shareholding to 33,209,934.
10-Jan-08 Director/PDMR Shareholding Tim Martin (Chairman) purchased 315,000
shares at a price of 310.703p. This
brings his shareholding to 32,884,934.
08-Jan-08 Director/PDMR Shareholding Tim Martin (Chairman) purchased 297,127
shares at a price of 333.88p. This
brings his shareholding to 32,569,934.

what a cracking chart.

Another bad year for JD Wetherspoon...I guess the government is going to imposed drinking tax soon...therefore JDW may go further down...now 255p.


Wetherspoon, the managed pubs operator, said it is cautious on the outlook for the second half of the year as it posted a 13 pct drop in pretax profits for the first six months.

The group said the introduction of the smoking ban in England, Wales and Northern Ireland last year had led to a fall in bar sales but strong growth in food sales in the first half to Jan 27.

I think MONday is the day i will BUY.

you would think they would do well if there a recession with being so cheap. Not even going to loose many sales in summer with England out of the European championship. Its been on my buy list for a while so will also look at on monday

Still reckon another 30p drop before the upswing 220p I would consider buying.

JP Morgan has cut its price target on pub chain JD Wetherspoon to 440p from 480p, citing expectations of ongoing weak trading.

However, JPM retains its overweight rating on the pub group, saying it sees JDW as good value after falls in its share price recently.

It added that, with the first anniversary of the smoking ban approaching, there was scope for an improvement in like-for-like sales.

Current trading is in line with the second quarter with the usual themes of strong food sales and soft bar sales against the backdrop of the smoking ban, JPM said.

Thanks for that Baylis if anything JDW is in a better position than most pub owners.

Went to the London Inn (Wetherspoons) in Torquay for lunch, it was packed, i mean packed... only couple tables spare

Thanks for that Big Ted it just goes to show that the trade is there despite the smoking ban.

Just surprised me, used to it being packed fri/sat nights, but was full with people eating, cheap skates...! mind you i couldn't help enjoying my beer /burger combo..!

up 5p to 270p

Hi Baylis

I have visited the local pubs where my Wetherspoons is situated and things are very quiet and the landlords in question were talking less customers and increasing costs the W pub though was packed out.

Falling to 200p is that the time to buy..

price increase up 10p a pint.

How much..?

mitzy your 220p was not far.

Yes almost there XST will wait a bit longer.

J D Wetherspoon plc announces that on 17 March 2008, it acquired 500,000 shares
of the Company through Dresdner Kleinwort for cancellation at a price of
245.993p per share.

J D Wetherspoon plc announces that on 14 March 2008, it acquired 250,000 shares
of the Company through Dresdner Kleinwort for cancellation at a price of
259.408p per share.

its a lovely day.

see below

a bad bad day.

MONDAY CLUB TONIGHT cheap beer get down there. PLEASE.

Retail and food business are being hit as the public are starting to tighten their belt.

Is this going down the pan..?

Falling again as usual are Wethers going bust in the slowdown due to their debt.

Beginning to look like a disaster now I went to a JDW yesterday and it was packed out as usual with a 2 min wait at the bar whilst most other local pubs were empty I reckon it will fall to 150p or lower.

Strange but our local Gays club is packed out but went in last week and it was empty.

How are other pub businesses comparing v JDW.
Eating of course is now a big slice of their business ,and down my way ,if you are in the 60+ club you can get fish and chips,B+B,and a cuppa for 3.10.
Judging by what they have fallen,they must be one of the best bets for recovery.

Somethings wrong why the falls day in and day out.

The trouble is of course,that what has happened to jdw,has also happened to scores of others.

Yes chessplayer all pubs are suffering due to the slowdown not just Wetherspoons.

150p here we come.

Tim Martin, Chairman of JD Wetherspoon plc, has purchased 300,000 ordinary shares in the Company at 199.49p per share.On 1 July 08

Is it last orders at JDW's ..?

Don,t forget the old adage "It's always darkest just before the dawn"
And,a good thing to remember ,jdw has done this rags to riches thing more than once!
Remember John Wayne's classic comment in the film Red River ,"WE came into this world with nothing,and it's for sure we will take nothing out!

I think they may go much lower perhaps to 130p.

I'm getting a very bad feeling about this one.

wait for AUGUST like for like due, one year after smoking ban.

Yeh thats a good idea.

THIS COULD BE THE BOTTOM, UP OVER 30P IN TWO DAYS.

Let,s face it,with the stock down from over 600 on 2007 prices,the slide has to be overdone,well and truly.Also,with tougher times ahead for the economy people will be looking for better value ,and I for one like their pubs.

IT,S GIRL FRIENDLY TOO, WINE COFFEE FOOD.

Great if you like your girls overweightand thats what I wont be on these!

Tobasco You sound about as sweet as your name implies!

Have you never heard of sweet chilliYou need to get out more.. Id give WETHERSPOONS the swerve though Its just a bit of fun!...........sweet chilly out!

GOT IN AT 184 NOW 234 THATS SWEET TOBASCO

Most people that get in..dont seem to get out walking straight!

YEHBUT JDW GOING STRAIGHT UP. HICK

Would that be the pole?

Its great to have a good day occasionally.but your chart dont show many of them.lets drink to the future?

GNK GREEN,JDW BLUE.MAB RED. MARS BLACK

Over 7-50 -under 2.00 in double quick time tells me fragile.. Tailors well with the smoking ban! handle with care!

OK YOU WIN, I AM SELLING CHEERS.

Wither-sp-oons

WAIT OR GET BACK IN.

XSTEFFX.they dont play my music..I think your brilliant to have made a profit! 1.50 me thinks?

nice day for the pubs.

pubs still a good bet.

Looking good.

nice day

This will lead to a hangover.

the pain. HIC

ETI BLUE.GKN GREEN.JDW RED.MAB BLACK.MARS ORANGE.

BEER gone up again 10p. last week in jdw.

lets get drinking down to the pub now.

PUBS UP AGAIN

So their coffee saved themhave you tasted it.fu*k metinted milk.

TRY THE REAL ALE

It may not be gas pressured out of a kegbut I doubt whether it passes all the necessary requirements to be called genuine real aleWife had chlorine in her Cokeexchanged for hot milksorry coffee! and my real ale? was warm on our last visitwhich will be our last visit!Sorry XSTEFFX run by students.for studentshave you seen their flats? What do you reckon the beer cellars are like? A place to give the swerve!

WHATS THE PUB CALLED AND WHERE IS IT, CHEERS.

XSTEFFX.Maidstone High Street if I remember right.when I see JD walking down the streetI tend to cry.. each time I meet.I just walk on by......walk on by!!!

Sales in JD Wetherspoon declines - MoneyAm

Pubs operator JD Wetherspoon, which has nearly 700 pubs in the UK, this morning reported an 11% tumble in full-year pretax profit, in-line with the consensus forecast, as the smoking ban and slowdown in consumer spending impacted sales.

The group made an adjusted pretax profit of 55m in the year to July 27th, in line with the consensus forecast.

UK pubs have been hit hard by last year's smoking ban, rising costs, declining consumer spending, and cheap alcohol offers in supermarkets, with the difficult trading environment exacerbated by poor summer weather.

Since the smoking ban came into force on July 1st last year, Wetherspoon has seen strong growth in food sales and a decline in bar sales. Nearly a third of revenues now come from food, with a further third coming from drinks ordered alongside food.

Total sales increased by 2.1% to 907.5m during the year. Like-for-like food sales rose by 7.9%, while comparable bar sales were down 4.3%, resulting in an overall like-for-like sales decline of 1.1%.

In the five weeks to August 31st, like-for-like sales increased by 1.1%.

Chairman and founder Tim Martin said that, in common with many pub and restaurant businesses, the company is expecting a considerable increase in energy, food, labour, and tax costs in the current year.

He said Wetherspoon will need a like-for-like sales increase of about 3% this year to offset that.

Martin has called for beer duty to be held at current levels for the next five years to encourage drinkers back into Britain's beleaguered pubs.

He also demanded that legislation granting bar staff increased statutory holiday entitlements be scrapped.

'We've already got the highest excise duty in Europe for beer. I want a moratorium for five years,' Martin said in a telephone interview.

'No more tax increases until we're on a par with other countries and no more self regulation that passes costs onto business like the 5m we're paying this year for extra holidays which not one of my staff has ever asked for,' he added.

Martin said the pub industry, in common with many other businesses, has been strongly affected by increases in tax and regulation in recent years.

In the current year, he reckons increases in excise duty on alcoholic drinks, minimum wage related costs and the increased statutory holiday entitlements will cost Wetherspoon an extra 16m in costs.

NICE DAY FOR A DRINK

Sell at 315p now.

GOOD CALL

WHAT DO YOU THINK

Ironically enough probably one of the best recovery stocks.

next trading update on 20th January 2009.

XMAS DINNER SALES UP BEST EVERY.

Press announcement (Wetherspoon (JD)




RNS Number : 9453K
Wetherspoon (JD) PLC
02 January 2009


FOR RELEASE AT 7.00AM, 2 JANUARY 2009
JD WETHERSPOON PLC


2 JANUARY 2009


JD Wetherspoon plc has announced that, from 5 January 2009, it would reduce the price of
five drinks at its pubs across the UK. In
addition, it would offer five different meals at all times for 2.99 per meal.

JD Wetherspoon will release a pre-close trading statement on 20 January 2009.

Commenting on the announcement, John Hutson, Chief Executive, said:
"We are offering leading brands of drinks at excellent prices and the five meals offer
outstanding quality and value."


ENDS

GREEN KING IPA 99p, CHEERS

Its to cheap, low magins low profit.

Pre-Close Statement (Wetherspoon (JD)





TIDMJDW

RNS Number : 9068L
Wetherspoon (JD) PLC
20 January 2009

?
JD WETHERSPOON PLC
20 January 2009
PRE-CLOSE STATEMENT


JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces an update on
current trading prior to entering its close period for its interim results for
the six months ending 25 January 2009, which are expected to be announced on 13
March 2009.


Current Trading


For the first 12 weeks of the second quarter (to 18 January 2009), like for like
sales increased by 2.6%, compared to 1.5% growth in the first quarter (to 26
October 2008). In the year to date (25 weeks to 18 January 2009), like for like
sales have increased by 2.0% and total Company sales, including recently opened
pubs, increased by 6.5%. For the 6 week Christmas trading period (from 1
December 2008 to 11 January 2009), like for like sales growth was 3.7%. Sales
in the last two weeks of trading to 18 January 2009 have shown LFL increases of
6.4%


We expect operating margins for the half year ending 25 January 2009 to be
approximately 1% lower than the same period last year and in line with those in
the second half of last year.


Financing


The Company remains in a sound financial position. The strength of our cashflow
is demonstrated by a reduction in our borrowings of approximately GBP20m over
the last twelve months, after accounting for the opening of 34 new pubs, paying
dividends of GBP17m, and funding GBP6m of share buybacks.


The Company's US$140m private placement is due for renewal in September 2009. In
the light of current uncertainty in the credit markets, the Board has decided to
reduce substantially capital expenditure on new openings and to cancel future
dividend payments in order to ensure the repayment of the private placement from
cash flow and existing facilities. In normal conditions, a refinancing of the
private placement on attractive terms could be relied upon, given our financial
performance. However, in the present economic climate, a refinancing cannot be
taken for granted and the Board therefore feels that the measures described
above are prudent in the circumstances. We will continue to monitor the
situation.


Property


We have opened 21 new pubs so far this financial year and disposed of one pub,
bringing the current number of pubs to 714. We anticipate opening a further 12
pubs by July 2009. A considerable number of new openings this year have been
purchased from receivers and both rents and development costs are substantially
lower than historic trends.


Outlook


Our sales performance and cash flow have proved to be extremely resilient in the
current economic environment and a number of cost increases experienced during
2008 are starting to abate. For example, the Company has recently agreed a new
electricity supply contract from February to September 2009, which is
approximately half the rate per megawatt of the previous contract from October
2008 to January 2009. As a result of these encouraging circumstances, we remain
confident of the Company's prospects for the financial year ending July 2009.

Good call here fellas.

IS IT TIME TO TAKE A PROFIT.

I would have thought the opposite its a buy imo.

UP AGAIN TODAY SO FAR.

Both WMH and JDW are bucking the market trend today both up 80% from lows and both buys in a defensive portfolio.

ME TO, WITH LAD TOO.

SNOW GETS PEOPLE BACK IN THE PUBS.

OVER 4 NOW ITS A WINNER.

NICE DAY.

Pub operator posted revenue of 468.7m for the half-year to 25th Jan 2009, up 6.5% from the prior year's 440.2m as like-for-like sales grew 1.9%.

400p today

CHEERS 422p

460p TODAY

Looks like the Brokers are liking this one and remember some of the older analysis is being updated I would suggest with a bullish bias...

Wetherspoon (J D) PLC

FORECASTS WIRE
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Investec Securities
01-05-09 HOLD 50.92 23.43 53.18 24.73

Oriel Securities [R]
01-05-09 BUY 65.00 31.90

Panmure Gordon
01-05-09 BUY 56.69 27.17 50.06 23.99

KBC Peel Hunt Ltd
29-04-09 BUY 54.04 27.33 58.27 28.46

Brewin Dolphin Investment Banking
24-04-09 ADD 60.80 29.50 61.10 29.50 #

Shore Capital
24-04-09 HOLD 56.80 27.40 61.40 29.60

Altium Securities
20-04-09 HOLD 51.90 24.40 53.30 25.00

Singer Capital Markets Ltd
20-04-09 FAIR 53.30 25.40 58.00 27.60 7.60

Seymour Pierce
16-04-09 HOLD 51.90 24.60 47.20 22.40

Numis Securities Ltd
03-04-09 ADD 53.20 25.60 58.40 27.20 12.00

Charles Stanley Securities
02-04-09 ADD

Evolution Securities Ltd
01-04-09 BUY 56.40 27.30 66.10 32.10

Blue Oar Securities
13-03-09 BUY 52.24 24.82 12.00 53.90 25.61 13.20

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 54.26 26.38 57.60 27.43 1.25
1 Month Change 2.79 2.12 1.35 1.50 -0.16
3 Month Change 4.03 2.64 3.49 1.90 -9.63


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -5.92% 1.47% 3.98%
DPS 74.65% % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 133.51m 130.86m 133.61m

EBIT 88.45m 82.00m 77.00m

Dividend Yield 2.90% % 0.29%

Dividend Cover 2.10x x 21.94x

PER 16.42x 16.19x 15.57x

PEG -2.77f 10.98f 3.91f

Net Asset Value PS 126.44p 144.76p 155.07p

Interim management statement.

Upbeat outlook at JD Wetherspoon
MoneyAM
Pub operator JD Wetherspoon said for the 13 weeks to 26th April 2009, like-for-like sales increased by 0.5% and total sales increased by 4.7%. In the year-to-date like-for-like sales increased by 1.4% and overall sales increased by 5.9%.

Wetherspoon said exact comparisons with last year are difficult as a result of a higher level of marketing activity a year ago. However, the recent Beer Festival, for example, featuring real ales from Britain and other countries, was the busiest ever with sales of over 3.2 million pints.

Sales of 2.99 meals are continuing at high levels and the recently introduced Sailor Jerry rum is now its third highest selling spirit.

Wetherspoon reported on 13th March 2009 that operating margins before exceptionals were 10% in the first half of the financial year and they have remained at this level in the 13 weeks to 26th April 2009. Marketing costs were lower in the period than last year, and we also benefited from greater labour productivity, helped by improved staff retention and generally strong cost controls.

The financial year so far has seen the opening of 28 new pubs. 38 new sites are now expected to open this financial year.

Borrowings at 26th April 2009 were approximately 30m lower than at the same point last year and 18m less than at the interim results.

Sales, profit and cash flow have been resilient, Wetherspoon said. The combination of improved costs, lower interest charges and reduced capital expenditure on new openings is anticipated to be beneficial for future prospects.

The group added, 'We are therefore slightly more positive regarding the Company's prospects for the current financial year.'




Story provided by Business Financial Newswire

Pre-Close Statement (JD Wetherspoon)





TIDMJDW

RNS Number : 6698V
Wetherspoon (JD) PLC
14 July 2009

?
FOR IMMEDIATE RELEASE
JD WETHERSPOON PLC


PRE-CLOSE STATEMENT


JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces its pre-close
statement prior to the end of the current financial year on 26th July 2009.


Current Trading
For the 11 weeks to 12th July 2009, like-for-like sales decreased by 0.8%. Total
Company sales over the same period increased by 3.1%. Sales in the first 6 weeks
of the fourth quarter last financial year benefited from a major marketing
campaign offering reductions in prices for bar and food products. Like-for-like
sales in the equivalent 6 week period this year decreased by 2.9%. In the
remaining 5 weeks, like-for-like sales increased by 2.0%.
In the financial year-to-date (50 weeks to 12th July 2009), like-for-like sales
increased by 1.2% and overall Company sales increased by 5.2%. This is an
encouraging sales performance, both from our existing pubs and new openings.
Costs were lower than anticipated in a number of areas, including energy, labour
and marketing. As a consequence we anticipate reporting operating margins
(before exceptionals) for the second half of this financial year of at least
10.0%, higher than our earlier expectations.


Property


The financial year so far has seen 33 openings and 2 disposals, with a further 6
openings expected by the year end. As previously announced, pubs opened this
year have been at substantially lower costs than in recent years.


Financial position
Free cashflow in the year-to-date has been strong, enabling us to open 39 new
pubs and pay a dividend of GBP10M, while reducing debt by approximately GBP40M.
As a result, the ratio of our financial year end net debt to EBITDA is now
expected to be less than 3 times. As we have previously stated, we intend to
repay our US$ Private Placement when it falls due in September 2009.
Outlook
In the light of our sales and margin performance, we are confident about the
outlook for the current financial year.
As a result of the performance of our pubs, and the full year effect of pubs
opened this year, combined with lower costs in areas such as utilities, the
board is optimistic about prospects for the next financial year.

Hoping for a move back to 5-5.20 level.

NOW 480p

now 490p. 500p on its way.

And there's a fiver.

OVER 510p. beer increases on the way NEXT thursday.

This share price defies gravity. Got to be a short from here back down to c400p!

520p next.

Year End Results to 26 July 2009 (JD Wetherspoon)

Def a short for me now. Not bad results but no reason for the share price to significanly appreciate based on these figures and potential for further downturn in the economy still there.

Could easily get back down to 4.30 level

Long article in this week's Shares Mag.
The gist of which rates JDW as a buy with a price target of 585p (Panmure G) but Dan Coatsworth reckons that is conservative.
Be careful with your short!

Interim management statement.

Just gone long @440

Closed half @452.5 +12.5

Skinny

Have you seen LMR trading statement? I'm short and targetting below 4. Based on Christmas on a weekend (poor comparatives) and the current economic climate.

Cheers

ultimate - will have a look. Re JDW, as I posted on Wednesday's trader's thread, I closed the rest @460 - which on the day looked to be too low!

Skinny, fair play, looks like you made the right call. JDW is a good company and will be around long term, just think that there will be short term pain in the sector as a whole over the coming months, LMR may just be the tip of the iceberg.

Strong today - probably on the back of the MAB trading statement.

Pre-close Statement

Current Trading

For the first 10 weeks of the second quarter (to 3 January 2010), like for like sales increased by 1.2%, compared to 0.3% growth in the first quarter (to 25 October 2009). Total sales for the same period increased by 5.3%, compared to 4.5% in the first quarter. In the first 12 weeks of the second quarter (to 17 January 2010), like for like sales decreased by 0.3%, and total sales increased by 3.7%, with the last two weeks being affected by adverse weather conditions. In the year to date (25 weeks to 17 January 2009), like for like sales increased by 0.1% and total Company sales, including recently opened pubs, increased by 4.1%.

We expect operating margins for the half year ending 24 January 2010 to be in line with the same period last year, with the benefit from lower energy costs being off-set by a higher level of repairs expenditure.

Good move up today - interims 12th March.

in at 432p

JD Wetherspoon plc

Change in results announcement date

JD Wetherspoon plc intends to announce its interim results for the six months
ended 24 January 2010 on 11 March 2010, not 12 March 2010 as previously
announced in the Company's last trading update

SKINNY will they go down or up.

Yes!

Baylis - the chart looks promising - I'm long @440 - but Thursday will tell!

I've closed @492 +52 - good luck Baylis!

Got stopped out @487.0 + 22, I,m happy with that, volume scarily low.

Half Yearly Report.

Highlights:



Turnover up 4.1% to 488.1m (2009: 468.7m)

Profit before tax up 41.4% to 36.2m (2009: 25.6m)

Profit before tax before exceptional items* up 17.5% to 36.2m (2009: 30.8m)

Earnings per share up 40.0% to 17.5p (2009: 12.5p)

Earnings per share before exceptional items* up 9.4% to 17.5p (2009: 16.0p)

Free cash flow per share of 15.3p (2009: 28.2p)

Total and special dividends per share of 19p (2009: 0p)

17 pubs opened; 2 closed; total now 746

Broker note today:
"Yesterdays sharp move in JDWs share price suggests that the market was looking for something special from the company and it has got it. The bank facility has been extended and increased, which suggests that the group intends to press the go-pedal as far as estate expansion is concerned & the dividend has been resumed. Although trading has slowed, trading towards the end of H1 will have been impacted by snow in 2010. A moderate easing in comps due to snow last Feb should have helped the first six weeks of H2 but LfL sales are moderately lower. However, this may be hair splitting and investors have every reason to be pleased with the company. Around 35.5p of earnings suggest a PER of 14.0x and the group yields some 2.5% and we are retaining our BUY recommendation."

Just wondering, been a while since visired one of there pubs, are they showing the World Cup?

Apparently they have a 'No TV policy', but suspect that might change, though with the matches on normal terrestial TV, many may stay at home to watch, which may prompt them to retain their stance. JDW very adept at profiting from market changes, so I am sure they have already thought of this one.

Harry - Don't think it will affect there day trade much, lot of office workers Lunch there and also tourists in cities, we have two in Aberdeen. Even though covered on terrestial TV an awful lot of people do watch football in pubs and if JDW don't adapt they will miss a lot of trade. Have to wait and see what the do.

Fair play to CEO John Hutsonthe directors keep selling big timeand the SP keeps moving on upthey have found a formula run their dives with studentssell borderline expiry dated products for students and piss headsmost are too pissed to taste the foodand sell the product at twice the price supermarkets charge for almost expired goodspersonally I have only been to two WetherspoonsTower Bridge and Maidstone.twice bitten three times shyI would rather poke myself in the eye with a cactusand to watch the World Cup.fcuk off!!!!

The point is, imo, their formula works, when other pub chains are struggling big time. Like it or not, it is successful & people go there.

Cant disagree with that Harry

As an aside - I have been in one of their pubs and they had a flat screen showing Sky news.

tabasco - surprised you could tell the difference,don't all pubs south of Birmingham sell pish disguised as beer?

WATCHED MU v AC in A WETHERSPOONS PUB LAST NIGHT.

Trust me Chris everything Wetherspoons sellis disguisedand not very well

Bellyache today Baylis?

It looks like they were toying with televised football as far back as 2004 - Wetherspoon plugs in TV

Or using toy televisions?

NO its mehead, tab ass co.

Thanks skinny thats answered the question. tabasco may be so but as Harry said they get bodies in the door, you don't have to drink there just buy the shares :o))

I can't believe that tabasco didn't really rise to the bait from your southern beer 'dig' !!! I was anticipating a really good but pointless argument over that one!

Im just unpredictable Harryor so they tell me?or perhaps Im not.not really sure?who cares?

Ironically I've never had a drink (beer) in any of the 5 or 6 wetherspoons that I've been in. Although I can say that their big breakfast is good value.

Yeryou can eat it twice?

The share price is good today to 529p

Good move up today.

Plop!

Interim Management Statement.

Current Trading

For the 13 weeks to 25th April 2010, like-for-like sales decreased by 0.8%. Total Company sales over the same period increased by 3.6%. In the year-to-date (39 weeks to 25th April 2010), like-for-like sales decreased by 0.2% and overall Company sales increased by 4.0%.

We reported on 11th March 2010 that operating margins before exceptionals were 10.0% in the first half of the financial year and they have remained at this level in the 39 weeks to 25th April 2010.

Edit - wrong thread!

Had a small punt on these @417.5

Good rise today ahead of trading statement tomorrow.

Pre-Close Staement.

Current Trading

For the 11 weeks to 11th July 2010, like-for-like sales increased by 1.0%. Total Company sales over the same period increased by 5.8%. In the financial year-to-date (50 weeks to 11th July 2010), like-for-like sales increased by 0.1% and overall Company sales increased by 4.4%.

We anticipate reporting operating margins (before exceptionals) for the second half of this financial year of approximately 10.0%.

Preliminary Results.

These don't seem to like 450 recently.

True, but might be interesting to have a look back if and when they retrace to around that 400p mark.

Pre-close Statement.

JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces an update on current trading before entering its closed period for its interim results for the six months ending 23 January 2011, which are expected to be announced on 11 March 2011.


Current Trading


For the first 12 weeks of the second quarter (to 16 January 2011), like for like sales increased by 3.0%, compared to 1.6% growth in the first quarter (to 24 October 2010). Total sales for the same period increased by 8.1%, compared to 7.3% in the first quarter. In the year to date (25 weeks to 16 January 2011), like for like sales increased by 2.3% and total Company sales, including recently opened pubs, increased by 7.7%.

Notification of transactions of directors, persons discharging managerial responsibility (PDMR) or connected parties

On Wednesday 19 January 2011, John Hutson, Chief Executive Officer at JD Wetherspoon plc sold 9,000 of the Company's ordinary shares at a price of 466.7p per share.

Following the above transaction, Mr Hutson now holds an interest of 54 801 ordinary shares in the Company.



Notification of transactions of directors, persons discharging managerial responsibility (PDMR) or connected parties

On Thursday 20 January 2011, Su Cacioppo, a main board director at JD Wetherspoon plc sold 10,000 of the Company's ordinary shares at a price of 454p per share.

Following the above transaction, Mrs Cacioppo now holds an interest of 29,200 ordinary shares in the Company.

RNS Number : 2806K

Wetherspoon (JD) PLC

12 July 2011

13 July 2011

JD WETHERSPOON PLC

PRE-CLOSE STATEMENT

JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces its pre-close statement prior to the end of the current financial year on 24(th) July 2011.

Current Trading

For the 11 weeks to 10th July 2011, like-for-like sales increased by 1.6%. Total Company sales over the same period increased by 7.1%. In the financial year-to-date (50 weeks to 10th July 2011), like-for-like sales increased by 2.2% and overall Company sales increased by 7.5%.

We currently anticipate reporting an operating margin (before exceptionals) for the second half of this financial year of approximately 9.5%.

Property

The financial year-to-date has seen 38 openings and 2 disposals. We anticipate opening approximately 50 pubs in the current financial year.

Financial position

There have been no significant changes in the Company's overall financial position since the IMS statement update on the 4 May 2011.

Outlook

As previously stated, the company, in common with many businesses, continues to be faced with rising costs for a wide range of goods and services, combined with a reduction in disposable income for many of its customers.

Sales and cashflow continue to be resilient and the performance of our recently opened pubs remains encouraging, which should enable the Company to produce a reasonable outcome in the current financial year.

Preliminary Results.

Interim Management Statement.

Current trading

In the first quarter (13 weeks to 23 October 2011), like-for-like sales increased by 1.1%. Total sales in the period increased by 7.3%. The operating margin was 9.3%, approximately 0.2% lower than that achieved during the last financial year.

18 JANUARY 2012

JD Wetherspoon PLC

PRE-CLOSE STATEMENT

JD Wetherspoon plc ('JD Wetherspoon' or the 'Company'), announces an update on current trading before entering its closed period for its interim results for the six months ending 22 January 2012, which are expected to be announced on 9 March 2012.

Current trading

For the first twelve weeks of the second quarter (to 15 January 2012), like-for-like sales increased by 3.6%, compared to 1.1% growth in the first quarter (to 23 October 2011). Total sales, including new pubs, for the first twelve weeks of the second quarter increased by 9.9%, compared to 7.3% in the first quarter. In the year to date (25 weeks to 15 January 2012), like-for-like sales increased by 2.3% and total sales increased by 8.5%.

December LFL sales were strong, mainly due to adverse weather conditions last year. Sales growth for the period before and after December was approximately in line with the first quarter.

We expect the operating margin for the half year ending 22 January 2012 to be slightly below that achieved in the first quarter of this financial year, with the potential for further decline in the second half of this financial year due to continuing cost increases. We expect the Company's corporation tax rate for this financial year to be around 29%.

Property

The Company has opened 18 new pubs and closed 2 pubs since the start of this financial year. We have a number of sites under development and, in line with previous estimates, intend to open approximately 50 pubs in the current financial year.

Financial position

There have been no significant changes in the Company's overall financial position, since the publication on 6 October 2011 of the annual report and accounts for the year ended 24 July 2011.

Outlook

Our sales, profit and cash flow remain resilient. As previously stated, the main challenges for the Company, in this financial year of 53 trading weeks, will be the continuing cost pressures resulting from government legislation, including further increases to excise duty, business rates and carbon tax. In addition, as previously stated, pubs pay VAT on food, whereas supermarkets do not, and also pay far higher rates of VAT than similar businesses in Ireland and France, for example. In order to maximise job creation and taxation revenues, we believe the government needs to reduce VAT for pubs and restaurants as a priority. Notwithstanding these issues the Company is aiming for a reasonable outcome in the current financial year.

has you all no i like my beer and food and use this company alot to meet loads of friends all over the country .but over the last 12 months the PUBS have gone down the drain the staff are slow they dont understand what you say it takes time to explain what you want . and i can and have seen the migrant staff not taking the money for peoples bill by not putting them though the till . but i would never say anything as it would be racist . we are now lookling to meet in other pubs like toby and crown . i have sold my few shares as i think the pubs only now get druggies and low life .

Stopped using these years ago. Wetherspoons were a breath of fresh air all those years ago when they were started in London, but sadly standards have not kept up out of London in general now a days.

Half Yearly Report.


FINANCIAL HIGHLIGHTS



. Revenue £569.4m (2011: £525.4m) +8.4%
. Like-for-like sales +2.1%
. Free cash flow per share 27.5p (2011: 16.9p) +62.7%
. Free cash flow £34.9m (2011: £22.7m) +53.7%

Before Before exceptional items:

. Operating profit £53.1m (2011: £49.6m) +7.2%
. Profit before tax £35.8m (2011: £32.2m) +11.1%
. Earnings per share 20.2p (2011: 16.5p) +22.4%

Interim Interim dividend 4p (2011: 4p) maintained

4p not worth the bother and the beer is crap and the service you can wait 10 mins to get servered the staff are slow and useless

Excellent rise since Friday.

Interim Management Statement.

Current trading

For the 13 weeks to 22 April 2012, like-for-like sales increased by 2.0%. Total Company sales, over the same period, increased by 8.4%. In the year to date (39 weeks to 22 April 2012), like-for-like sales increased by 2.0%, and overall Company sales increased by 8.4%.

The operating margin before exceptionals, in the 13 weeks to 22 April 2012, was 8.1%, compared with 9.3% in the first half of the current financial year, and the year-to-date (39 weeks to 22 April 2012) operating margin before exceptionals was 8.9%. We expect to see the operating margin before exceptionals improve in the final quarter as compared with the third quarter, although we continue to expect the operating margin before exceptionals for the second half of this financial year as a whole to decline, compared with that achieved in the first half.

Pre-Close Statement.

Current trading

For the 11 weeks to 8 July 2012, like-for-like sales increased by 6.1%, and total sales increased by 11.9%, with particularly strong trading around the fortnight of the jubilee celebrations and during the Euro 2012 championships. In the year to date (50 weeks to 8 July 2012), like-for-like sales increased by 3.0%, and overall Company sales increased by 9.2%.

We currently anticipate reporting an operating margin (before exceptionals) for the second half of this financial year of approximately 8.5%.

These have had an excellent 3 months - they report early next month.

Friday preview: JD Wetherspoon up against soft comparatives
Thu 13 Sep 2012

JDW - Wetherspoon

LONDON (SHARECAST) - Pubs group JD Wetherspoon announces full-year results, but of greater interest will be the update on trading in the first six weeks of the current year.

Although the weather has not been kind to pubs this summer, the group is going up against relatively soft comparatives from a year earlier, when like-for-like sales were up just 0.4% year-on-year.

The market has pencilled in £1.23bn for sales and pre-tax profit of £71.2m. Earnings per share are tipped to advance to 41.6p while the dividend is seen climbing to 12.95p.

"We look for news on plans for the redeployment of capex [capital expenditure] from the scaled back opening programme. We think increasing dividends faster than earnings would be particularly well received by the market," Panmure Gordon said.

"We think there is underlying top-line momentum in the business and margins should stabilise as the 176 pubs opened over the last four years mature and the drag from new pubs diminishes as the number of openings is reduced. However we note the group is aggressively discounting certain products (cider, wine, spirits and cocktails) between now and the end of November which could depress gross margins," the broker added.

PRELIMINARY RESULTS

'Record sales, profit and earnings per share before exceptional items'


FINANCIAL HIGHLIGHTS Excluding Week 53


· Revenue £1,197.1m (2011: £1,072.0m) +11.7% +9.3%

· Like-for-like sales +3.2%

· Free cash flow £91.5m (2011: £78.8m) +16.1%

· Free cash flow per share 73.2p (2011: 59.7p) +22.6%

· Profit before tax £58.9m (2011: £61.4m) -4.1%

· Dividends per share 12.0p (2011: 12.0p)

Before exceptional items:

· Operating Profit £107.3m (2011: £102.3m) + 4.9% + 2.6%

· Profit before tax £72.4m (2011: £66.8m) + 8.4% + 5.8%

· Earnings per share 41.3p (2011: 35.3p) +17.0% +14.4%

Very good last year.. but uncertainty next. Wondering what the market thinks.

Tanker needs to spend more on his lunches! :-)

I agree, ordering food will benefit him -):

Talking about food/Wetherspoon we were desperate for some food in Mold the other week so gave the local Spoons a try. Surprisingly we were very impressed (and I'm someone who does like "Good" Food. Had the same very surprising positive same experience at a Marston Pub/Hotel a couple of months back.

A mate of mine has said similar - he is a bit of pub grub man and says that our local spoon has improved no end since the spring. As to the Marstons experience, they are my current play in the sector.

InterimManagement Statement

Current trading

In the first quarter (13 weeks to 28 October 2012), like-for-like sales increased by 7.1% and total sales increased by 11.1%, helped by a strong performance during the Olympics and Paralympic games. We do not expect this level of sales growth to be sustained for the rest of the financial year.

The operating margin was 8.6%, approximately 0.4% lower than the last financial year, due to increases in costs in areas such as tax, utilities, labour and bar and food supplies, combined with increased marketing costs.

You've got to hand it to them. Love 'em or loath 'em, they are very good at adapting to a changing market and are offering punters a reasonable range of products. It may not be the top end of the pub offerings, but my local (city centre) JDW is often jammed packed with all ages spending money.

Harry - I agree - although they always seem less than salubrious - especially after dark!

My play on the sector is MARS, but I have held/traded JDW several times over the years.

Similar chart, but a better yield.

Up another 2% today on £200k of trades.

Looking to go long here tomorrow, ideally @ 520.0.

Got in on the spreads @ 523.0 just a wee punt (Rolling Daily) Stop @ 515.0

Stop to entry for risk free trade.

Stopped out at open ridiculous spread (slippage) @ 519.2 - 3.8

Bad luck Chris - JDW is often very gappy 1st thing.

Win some lose some skinny :O)

Another one that looks to have got away :O( Look again in Jan. 16th interim management statement, 15th March Interim results.

Pre-Close Statement

Current trading

For the first eleven weeks of the second quarter (to 13 January 2013), like-for-like sales increased by 8.0%. Total sales increased by 11.3%. In the year to date (24 weeks to 13 January 2013), like-for-like sales increased by 7.6% and total sales increased by 11.2%.

We currently expect the operating margin for the half year ending 27 January 2013 to be around 8.2%, approximately 1.1% lower than the last financial year, due to slightly higher than expected increases in costs in areas such as tax, utilities, labour and bar and food supplies, combined with increased marketing costs.

We anticipate the Company's corporation tax rate for this financial year to be around 27.5%.

Half Yearly report

FINANCIAL HIGHLIGHTS



Ÿ Revenue £626.4m (2012: £569.4m) +10.0%

Ÿ Like-for-like sales +6.9%

Ÿ Operating profit £52.1m (2012: £53.1m)-2.0%

Ÿ Profit before tax & exceptional items £34.8m (2012: £35.8m) -2.7%

Ÿ Earnings per share 20.8p (2012: 20.2p) +3.0%

Ÿ Interim dividend 4.0p (2012: 4.0p) Maintained

Interim Management Statement

Current trading

For the 13 weeks to 28 April 2013, like-for-like sales increased by 6.3% and total sales increased by 9.3%. In the year to date (39 weeks to 28 April 2013), like-for-like sales increased by 6.7%, and total sales increased by 10.1%. We expect lower like-for-like sales in the final quarter of this financial year than for the year so far, given last year's final quarter like-for-like sales of 6.1%.

The operating margin, in the 13 weeks to 28 April 2013, was 8.5%, compared with 8.3% in the first half of the current financial year. In the year-to-date (39 weeks to 28 April 2013) the operating margin was 8.4%.

Property

The Company has opened 16 new pubs and sold two since the start of the financial year. We have several sites under development and, in line with our last update, intend to open 30 pubs in the current financial year. It is our present intention to open approximately 20 to 25 pubs in the following financial year.

Financial position

There have been no other significant changes in the Company's overall financial position, since the publication of the interim accounts on 15 March 2013.

Outlook

As previously indicated, the biggest dangers to the pub industry are the VAT disparity between supermarkets and pubs and the continuing imposition of stealth taxes such as the late-night levy and increased fruit/slot machine taxes. However, the company welcomes the recent abolition of the duty escalator and the reduction in beer duty, and hopes that this indicates a greater appreciation from politicians of the important economic and social role played by pubs. Notwithstanding the recent changes, we anticipate that taxation and input costs will continue to rise.

Investec Buy 606.50 550.00 660.00 Retains

Pre-Close Statement

Current trading

For the 11 weeks to 14 July 2013, like-for-like sales increased by 3.5% and total sales increased by 6.2% - a better than expected performance. In the year to date (50 weeks to 14 July 2013), like-for-like sales increased by 6.0%, and total sales increased by 9.2%.

The operating margin was 9.5% in the 11 weeks to 14 July 2013, including some one-off benefits, and 8.7% in the year-to-date (50 weeks to 14 July 2013). We view the year-to-date margin as a possible indicator for the future, if we were to achieve reasonable sales growth.

Property

The Company has opened 29 new pubs and sold three since the start of the financial year. In our final results announcement, we intend to provide an update on any impairment and onerous lease provisions. It is our present intention to open around 30 pubs in the following financial year.

Financial position

The Company remains in a sound financial position.

Outlook

As previously indicated, the company warmly welcomes the reduction in beer duty announced in the March budget (but overall excise duty increased). However, the late night levy, machine gaming duty and business rates taxes have increased, as well as pension costs (see note 6). Continued progress in sales will be required in order to overcome these costs.The biggest dangers to the pub industry are the VAT disparity between supermarkets and pubs and the continuing imposition of stealth taxes.

We are now on track to achieve a slightly better outcome (before any exceptional items) for the current financial year than previously anticipated.

Bottoms up!

Jefferies International Buy 750.00 750.00 600.00 850.00 Reiterates

Citigroup Neutral 0.00 750.00 - 765.00 Retains

JP Morgan Cazenove Neutral 0.00 750.00 520.00 725.00 Upgrades

Morgan Stanley Equal weight 769.50 - 710.00 Reiterates

Preliminary Results

FINANCIAL HIGHLIGHTS


52 weeks to 28 July 2013

Before exceptional items
52 weeks to 28 July 2013 Excluding week 53
● Revenue £1,280.9m (2012: £1,197.1m)
+7.0%
+9.3%
● Like-for-like sales
+5.8%
● Operating profit £111.3m (2012: £107.3m)
+3.7%
+6.0%
● Profit before tax and exceptional items £76.9m (2012: £72.4m)
+6.3%
+8.8%
● Earnings per share (excluding shares held in trust) 46.8p (2012: 41.3p)
+13.3%
● Earnings per share (including shares held in trust) 44.8p (2012: 39.8p)
+12.6%
● Full year dividend 12.0p (2012: 12.0p)
Maintained

After exceptional items

● Operating profit £91.5m (2012: £93.8m)
-2.5%
● Profit before tax £57.1m (2012: £58.9m)
-3.0%
● Basic earnings per share 38.3p (2012: 35.6p)
+7.6%

Interim Management Statement

JD Wetherspoon plc ('JD Wetherspoon' or the 'Company') announces its Interim Management Statement for the period up to 6 November 2013, incorporating the 13 week period to 27 October 2013, as required by the FCA's Disclosure and Transparency rules.

Current trading

In the first quarter (13 weeks to 27 October 2013), like-for-like sales increased by 3.7% and total sales by 7.6%.

The operating margin was 8.3%, approximately 0.3% lower than the same period in the last financial year, mainly due to increased labour, repairs, marketing and central overheads. The company believes that this increased expenditure will benefit the future performance of the business. The margin in the quarter is a possible indicator for this financial year, assuming we achieve reasonable sales growth.

Property

The Company opened 8 new pubs in the quarter and has 12 more under development. We now anticipate opening 40 to 50 pubs in total this year, slightly more than previously anticipated, helped by our increased bank facility and a number of recent acquisitions.

Financial position

There have been no significant changes in the Company's overall financial position, since the publication, on 11 October 2013, of the annual report and accounts for the year ended 28 July 2013.

Outlook

As previously indicated, the biggest danger to the pub industry is the VAT disparity between supermarkets and pubs. Since supermarkets pay almost no VAT in respect of food sales, whereas pubs pay 20%, supermarkets are able to subsidise their drinks' prices to the detriment of pubs, around 10,000 of which have closed in the last decade. It does not make economic or social sense for the government to favour powerful supermarkets with what amounts to a "tax break", especially since pubs generate so many more jobs, and so much more tax, per pint or meal, than supermarkets.

In spite of the continued pressure from costs and taxes, the company remains confident of a reasonable outcome for the current financial year.

Not as cheap as they used to be but I have no complaints with the service(which can be slow) and the barmen are friendly.

Have you seen the volume in this one today.

Huge.

Yes it is goldfinger doing well I expect this xmas.

Think Ill buy tomorrow Mitzy if present momentum carries.

good luck gf.

sp is clearly on the cusp of breaking into new all-time high ground ..... it looks to have tried today, but then slipped back to the key point

RED WTB and BLUE JDW

Pre-close Statement

J D Wetherspoon plc ('J D Wetherspoon' or the 'Company'), announces an update on current trading, before entering its closed period for its interim results, for the six months ending 26 January 2014, which are expected to be announced on 14 March 2014.

Current trading

For the first 12 weeks of the second quarter (to 19 January 2014), like-for-like sales increased by 6.7% and total sales by 10.6%. In the year to date (25 weeks to 19 January 2014), like-for-like sales increased by 5.2% and total sales increased by 9.0%.

We expect the operating margin (before any exceptional items), for the half year ending 26 January 2014, to be around 8.1%, 0.2% lower than the same period last year, due primarily to increased investment in a number of areas, for example, (IT, training and additional operating personnel) as we prepare for an increased number of pubs in the years ahead. We now estimate an operating margin (before any exceptional items) in the region of 8.1% to 8.3% for this financial year, assuming that we achieve reasonable sales growth.

We now anticipate a slightly higher corporation tax rate for this financial year, at around 27%, due to higher-than-expected non-qualifying capital expenditure.

Property

The Company has opened 18 new pubs so far this financial year and currently has 11 sites under development. In line with previous estimates, we intend to open approximately 40 to 50 pubs in the current financial year.

Financial position

In the period under review, the Company bought back 411,000 shares for cancellation, at a total cost of £2.9 million, at an average price of £6.98 per share. The Company also entered into agreements to fix the interest rates on part of its existing debt from July 2018 to July 2023 at rates which are lower than the average rate currently being paid (see note 4 below). There have been no significant changes in the Company's overall financial position since the publication, on 11 October 2013, of the annual report and accounts for the year ended 28 July 2013.

Outlook

As the Company has pointed out on previous occasions, the pub industry continues to pay far higher taxes than supermarkets do, mainly as a result of an unequal and unfair VAT and business rates burden. This tax inequality has greatly widened the pricing differential for beer and other products between the on and off trade. Approximately 10,000 pubs have shut down in the last decade, about 15% of the total, and these closures are certain to continue unless politicians and governments create a fair tax system. Since pubs generate much higher taxes and many more jobs per pint or per meal than supermarkets do, tax equality would be beneficial for the wider economy, as well as the pub industry.
We have highlighted the impact on our margin of the increased investment which we are making to prepare for an increased number of pubs and the continued pressure from taxes. Assuming reasonable sales growth, the Company is targeting a reasonable outcome for the current financial year.

Half Yearly Report

FINANCIAL HIGHLIGHTS





Ÿ Revenue £683.2m (2013: £626.4m) +9.1%
Ÿ Like-for-like sales +5.2%
Ÿ Operating profit £55.7m (2013: £52.1m) +7.0%
Ÿ Profit before tax & exceptional items £37.8m (2013: £34.8m) +8.5%
Ÿ Earnings per share 22.1p (2013: 20.0p) +10.5%
Ÿ Interim dividend 4.0p (2013: 4.0p) Maintained

After exceptional items


Ÿ Profit before tax £36.0m (2012: £34.8m) +3.2%

Ÿ Earnings per share 20.7p (2013: 20.0p) +3.5%

The problem also is the difference on tax between pubs and supermarkets. JD Wetherspoon webcast http://ift.tt/1l2vj5O.

PRE-CLOSE STATEMENT

J D Wetherspoon plc ('J D Wetherspoon' or the 'Company') announces a pre-close statement prior to the end of the current financial year on 27 July 2014. The preliminary results are due to be announced on 12 September 2014.

Current trading

For the 10 weeks to 6 July 2014, like-for-like sales increased by 4.9%, and total sales increased by 10.3%. In the year to date (49 weeks to 6 July 2014), like-for-like sales increased by 5.4%, and total sales increased by 9.8%. Sales have been slightly weaker during the World Cup.

The operating margin, in the 10 weeks to 6 July 2014, was 8.1%, in line with 8.1% year-to-date (49 weeks to 6 July 2014) - and the full year is now expected to be around this level. In the next financial year, we expect the operating margin to be in the region of 7.7% to 8.1%, subject to the level of like-for-like sales, the number of new openings and cost pressures.

Property

The Company has opened 40 new pubs and closed five since the start of the financial year. We have eight sites under development and, in line with our last update, intend to open around 45 pubs in the current financial year. Our plans are to open around 30-40 pubs in the following financial year.

Financial position

The Company has bought back 2,278,108 shares, at a total cost of £18.5 million, since the start of the financial year. There have been no other significant changes in the Company's overall financial position since the publication of the interim management statement on 7 May 2014.

Outlook

The major threat to the pub industry, as previously indicated, is the tax inequality between pubs and supermarkets, especially in respect of VAT and business rates. This inequality has less effect in more affluent parts of the country, as illustrated in frequent comments from pub companies and analysts about regional trading patterns, but is the main factor in pubs' closures in swathes of northern England, Scotland and south Wales, for example. A growing political realisation of the impact of the 10,000 pub closures in the last decade on high streets, employment, government revenues and community life has helped to reduce or reverse some harmful aspects of recent onerous legislation.

However, the impact of the coalition government's 'late night levy' is starting to take effect, with annual charges of up to about £4,000 per annum for pubs opening beyond midnight in Newcastle and Islington, for example.

Wetherspoon has decided to reduce opening hours from the current 1am to midnight on Fridays and Saturdays, at most of our affected pubs, as and when the levy is introduced or renewed - a retrograde step for pubs, which will have a positive impact on supermarkets, since they will benefit from earlier pub closures.

Although sales have slowed in recent weeks, the Company remains confident of a reasonable outcome in the current financial year.

Preliminary Results

Tim Martin's views on corporate governance....

RNS Number : 1677U

Wetherspoon (JD) PLC

13 October 2014

For immediate release

JD Wetherspoon plc

Press article

The following article first appeared in Propel on 13 October 2014 and is repeated to further its distribution. It represents the personal views of Tim Martin, chairman of JD Wetherspoon plc, and builds on comments he has made in the last two annual reports of JD Wetherspoon.

"

Breaking News - Opinion Special: Tim Martin criticises corporate governance

The ruinous absurdity of corporate governance by Tim Martin

Woof, woof! What's that at the boardroom door? Why, it's the dog that hasn't barked - until now. This corporate governance dog has surreptitiously devoured our major banks and pub companies and has moved on to make mincemeat of our biggest supermarkets. Like Frankenstein, the carnivorous canine has outgrown its corporate governance creators and is munching its way hungrily through our finest companies.

The dog has been lucky so far: corporate mayhem has been blamed on others. Gordon Brown mendaciously blamed bankers' troubles on sub-prime American loans. Others have blamed "hot money", the Bank of England or greedy and incompetent executives, perhaps forgetting that they were appointed through the governance system, which created the dog in the first place.

The travails of our biggest pub companies, for example, beset in recent years by various corporate catastrophes, have been lain at the door of the smoking ban or changing consumer tastes, rather than the governance industry itself. Supermarket troubles have been blamed on aggressive foreign companies, the internet and high prices, but the dog had not been identified, until recently, as the main source of the devastation.

However, the Tesco fiasco may have let the cat out of the bag. One of the greatest absurdities of the governance system is that you can comply with the rules and have, as many companies do, only two executives on the PLC board. If they fall out, or one leaves for any reason, you only have one, and if you're unlucky you may, like Tesco, end up with none, a dangerous void for a major company. In fact, only two or three executive directors is a dangerous void.

The far more widespread malaise though, under the radar until now, is that so-called compliant PLC boards are, in reality, highly inexperienced and unstable. The unholy combination of a majority of part-time non-executives, including the chairman, with a maximum of nine years' tenure, and CEOs who average only four or five institutionalises these weaknesses. A board led by part-timers, with a short-term chief executive, which has very little real contact or knowledge of the worlds of executives and customers, is really a sitting duck in the business jungle.

These weaknesses are compounded by a raft of other governance shibboleths: excessive emphasis on the role of shareholders (the 2012 Code refers to shareholders 63 times, employees three times and customers not at all); performance-based pay, which encourages over-borrowing in order to enhance earnings per share targets; the discouragement of CEOs becoming chairmen, exacerbating the short-term mindset of the former; autonomous board committees, manned by non-execs, operating as remote and detached satellites, clogging up company accounts with jargon-filled reports; remuneration committees which have legitimised huge pay increases; and audit committees which have effectively removed power from executives and have presided over financial Armageddon at our banks and other major companies.

The key to understanding the current problems, pointed out by journalists like Chris Blackhurst and Anthony Hilton, is that the pendulum of governance, designed to prevent Maxwell and Enron-style debacles, has swung too far the other way. The composition of the board of the Financial Reporting Council, which oversees governance, mirroring the non-executives on PLC boards, consists almost entirely of "City" types, with little experience of civvy street, let alone pub or supermarket companies. This aspect is exemplified by the appointment to update the rules of Lord Sharman formerly head of Ernst and Young and Tony Blair's main advocate for Britain to join the euro, whose financial judgement on the big issues is transparently deficient. The great and the good, les énarques, as the French say, have their role to play , but too much power has been ceded to them, to the serious detriment of corporate performance.

The nature and the tone of governance urgently need to change: if you have top CEOs like Stuart Rose at M&S or Simon Wolfson at Next, they should be encouraged, in due course, to become chairmen, subject to appropriate checks and balances. Executives should be properly represented on boards and should form a majority: the tail should not wag the dog. Performance-based pay should be consigned to the dustbin of history. There is no evidence that it does any good, and it often encourages perverse behaviour.

Britain's most senior judge, Lord Neuberger, who has seen many dogs in his day, recently said that the reaction of the authorities to failed regulation is often to produce more regulation, when what is needed is different regulation. Inexperienced yet compliant boards were intimately involved in the collapse of our banks, our pubs and our supermarkets. We now need a new system of regulation, which takes account of these factors.

Tim Martin is chairman and founder of JD Wetherspoon

Interim Management Statement

Current trading

For the 13 weeks to 26 October 2014, like-for-like sales increased by 6.3%, and total sales increased by 11.3%. Sales were good through August and September, but like-for-like growth decreased in October.

The operating margin in the period was 7.7%, compared with 8.3% in the same period last year. In October, the Company increased pay for hourly paid staff by 5%, while utility costs increased by about 4%. In addition, during the period, there have been several cost increases from suppliers.


Property

The Company has opened two new pubs since the start of the financial year. We have 15 pubs under development and, in line with our last update, intend to open around 30-40 pubs in the current financial year.


Financial position

The Company has agreed on an additional five-year bank facility with Handelsbanken, increasing our overall facilities to £740 million.

There have been no other significant changes in the Company's overall financial position since the publication, on 13 October 2014, of the annual report and accounts for the year ended 27 July 2014.

Pub closures and stealth taxes

In recent budgets, the chancellor has announced heavily publicised and welcome cuts in beer duty. In contrast, in an initiative which achieved little recognition, changes were announced in 2012 to the VAT treatment of pub slot or 'gaming' machines. As a result, pubs were no longer to be allowed to set off all VAT charged by suppliers against VAT charged to customers.

This legislation has been interpreted by the tax authorities so that a proportion of VAT inputs for pub businesses is disallowed. For example, if gaming machine income is 4% of a pub's sales, 4% of the pub's input VAT, in respect of certain categories of supplies (even if unrelated to gaming machines), is disallowed. This new 'tax' cost Wetherspoon an additional £3.6m during February 2013-July 2014.

These sorts of tax increase penalise pubs, which are closing in great numbers, yet not supermarkets, which already benefit from a zero VAT rate on food, whereas pubs pay 20%. Supermarkets also pay far lower business rates per pint or meal than do pubs. Indeed, this government has presided over thousands of pub closures - perhaps more than any government in history. The pub industry recognises that governments need to balance the books, yet it is imperative for the future of pubs that political parties commit themselves to a sensible rebalancing of the tax system, so that there is fairness and equality between pubs and supermarkets - a rebalancing will produce more revenue for the government and more jobs in the economy. Stealth taxes, including the new treatment for gaming machines, are confusing and unfair for publicans and are very harmful to the industry.


Outlook

The biggest financial dangers to the pub industry continue to be the VAT and business rates disparity between supermarkets and pubs and the continuing imposition of stealth taxes, such as the late-night levy and the reduced allowances for gaming machine income.

As a result of the slowdown in sales growth in October, combined with the cost increases referred to above, the Company is currently anticipating an operating margin in the range of 7.2-7.8% for the current financial year. The Company is aiming for a satisfactory outcome for the current financial year.

Interim Management Statement

J D Wetherspoon plc ('J D Wetherspoon' or the 'Company'), announces an update on current trading, before entering its closed period for its interim results, for the six months ending 25 January 2015, which are expected to be announced on 13 March 2015.

Current trading

For the first 12 weeks of the second quarter (to 18 January 2015), like-for-like sales increased by 2.8% and total sales by 6.8%. Like-for-like sales slowed to approximately 2% in December and have slowed further in the last fortnight. In the year to date (25 weeks to 18 January 2015), like-for-like sales increased by 4.6% and total sales increased by 9.1%.

We expect the operating margin (before any exceptional items), for the half year ending 25 January 2015, to be around 7.3%, 0.9% lower than the same period last year. This reduction is mainly due to an above-inflation increase in pay for staff and an increase in utility and supplier costs. In addition, gross margins are under pressure as a result, we believe, of increased price competition from supermarkets.

Property

The Company has opened 11 new pubs so far this financial year and currently has 10 sites under development. In line with previous estimates, we intend to open approximately 30 to 40 pubs in the current financial year.

The Company opened its second pub in the Republic of Ireland in December in Dun Laoghaire. We have completed on a further three sites in Swords, Cork and Dublin.

Financial position

In the period under review, the Company bought back 196,500 shares for cancellation, at a total cost of £1.5million, at an average price of £7.96 per share. There have been no significant changes in the Company's overall financial position since the publication, on 13 October 2014, of the annual report and accounts for the year ended 27 July 2014.

Commentary on current trading

Tim Martin, Chairman of Wetherspoon, makes the following comments on the pub industry:

"Wetherspoon has had significantly better sales growth in the last couple of years than our main competitors, reflecting a pattern that has continued since our flotation. Even Wetherspoon, however, has seen flat bar sales in the last two months, when food sales have continued to rise. Inevitably, bar sales in the industry as a whole, especially where pubs have not benefited from Wetherspoon's level of investment, will have fared less well. This situation reflects the dire need for the pub industry to campaign for equal tax treatment for pubs and supermarkets. It is certain that the current wave of pub closures, which continues at a high level, will accelerate when economic growth slows or reverses.

The majority of investment in larger pub companies has been in "food-led" businesses, which have very low levels of bar sales, apart from those which are consumed with meals. Fewer and fewer customers, outside pockets of affluence, in an accelerating trend, are using pubs for "drinking occasions", which do not involve eating. The main reason behind this trend is not that people prefer to drink at home, for example, but relates to the huge and growing price differential between pubs and supermarkets. This differential has been created and increased by the fact that business rates per pint are far higher in pubs and that supermarkets pay no VAT in respect of food, whereas pubs pay 20% - enabling supermarkets to subsidise the price of beer and other products.

A number of major pub companies believe that they can avoid the resulting malaise by investing in out-of-town pubs which are really "quasi-restaurants". Unfortunately, these businesses too are already starting to suffer the effects of the tax disparity with supermarkets and they will clearly, in our view, be unable to escape the consequences of an unequal tax system.

Neither these businesses nor the main pub industry newspaper, the Publican Morning Advertiser (PMA), have campaigned for tax equality with supermarkets. In the case of the PMA, the editor has questioned the financial motives of the leader of the tax equality campaign, Jacques Borel, but has utterly failed to campaign himself or through his newspaper for tax equality, which would help to ensure the future of pubs.

The pub industry is in a strange position, whereby market research clearly shows that almost 100% of individual licensees believe their companies should support a campaign for tax equality, yet several major pubcos and the main trade newspaper have not actively done so. Following chaos at our banks, the supermarkets themselves have recently witnessed a situation where the tectonic plates of the industry moved, even though the boardrooms at the major industry players were oblivious to this fact. That is the position now in the pub industry and the companies that do not speak out about the dangers of tax inequality are likely to be those that suffer most in the future".


Outlook

As we have previously stated, the biggest financial dangers to the pub industry continue to be the VAT and business rates disparity between supermarkets and pubs and the continuing imposition of stealth taxes, such as the late-night levy and the reduced allowances for gaming machine income.

Although the reduction in sales growth may have an impact on our operating margin if the trend continues, the company is aiming for a broadly satisfactory outcome in the current financial year.

SP all over the place, interim results on Friday 13th let's hope traders are not to suspicious. Bearing in mind final paragraph above:-

As we have previously stated, the biggest financial dangers to the pub industry continue to be the VAT and business rates disparity between supermarkets and pubs and the continuing imposition of stealth taxes, such as the late-night levy and the reduced allowances for gaming machine income.


So with that in mind and the Budget on the following Wednesday is there a slim chance that our George may give a boost here? Answers on a postcard. Watching.

StockMarketWire.com

Pub group JD Wetherspoon's revnues rose 9% to £744.4m in the 26 weeks to 25 january with like for like sales up 4.5%.

Operating profits fell by 1.1% to £55.1m and profits before tax and exceptional items were 0.9% lower at £37.5m.

Diluted earnings per share before exceptional items rose by 2.3% to 22.6p and the dividend is maintained at 4.0p per share.

Pre-tax profits after exceptional items rose by 4.1% to £37.5m.

Chairman Tim Martin said: "The first half of the financial year resulted in a reasonable sales performance and free cash flow, although our profit was under pressure from areas which included increased competition from supermarkets and increased pay and bonuses for pub staff.

"As previously highlighted, the biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs. Thanks mainly to the work of Jacques Borel's VAT Club, there is a growing realisation among politicians, the media and the public that pubs are overtaxed and that a level tax playing field will create more jobs and taxes for the country. "In the six weeks to 8 March 2015, like-for-like sales increased by 1.6%, with total sales increasing by 5.6%."





Story provided by StockMarketWire.com

Still watching, come on George over to you. :0)

Not sure knocking a penny off a pint helps them much, but nice bounce so far today.

Wetherspoons have just exchanged contracts on the White Hart Downham Market and I look forward to participating in a beverage or two along with a curry on Thursday evenings!

Don't forget 2p off a pint of cider CC. Should keep the teenagers happy!

True Harry LOL!

My local pub is like a petrol company - they pass on the rises straight away, but any reductions.......

Still watching, maybe should have gone short. When or if it decides to bounce plenty of scope to ride it back up.

Interim Management Statement

Current trading

For the 13 weeks to 26 April 2015, like-for-like sales increased by 1.7%, and total sales increased by 5.8%. In the year to date (39 weeks to 26 April 2015), like-for-like sales increased by 3.6% and total sales increased by 7.9%.

The operating margin in the 13 weeks to 26 April 2015 was 7.5%, compared with 8.0% in the same period last year. At this stage we expect the full-year margin to be in the region of 7.3% to 7.7%.


Property

The Company has opened 20 new pubs and disposed of 4 since the start of the financial year. We have 12 pubs under development and, in line with our last update, intend to open around 30 pubs in the current financial year. It is our present intention to open a similar number of pubs in the following financial year.


Financial position

The company has bought back 1,621,163 shares, at a total cost of £12.5 million, since the start of the financial year.

There have been no other significant changes in the Company's overall financial position since the publication of the interim accounts on 13 March 2015.


Outlook

The Late Night Levy, combined with higher business rates per pint and a huge VAT disparity, mean that pubs continue to trade at a great disadvantage to supermarkets.

As previously stated, the second half of the last financial year was strong, which will make it difficult to improve on that performance in the current year. Our expectations for this full financial year remain unchanged.

For the next financial year, there are a number of factors which are likely to influence our trading performance, although they are difficult to quantify at this stage. Positive aspects include an increase in our pub numbers, stable utility prices and slightly lower interest rates. Other trends include increased competition from supermarkets and restaurant groups, together with additional staff and repair costs. We will provide updates, when appropriate, on these, as next year progresses.

PRE-CLOSE STATEMENT

StockMarketWire.com
Pub group JD Wetherspoon's like-for-like sales increased by 2.4% and total sales increased by 6.1 in the 13 weeks to 25 October.

The group says sales have been slightly higher in the last 6 weeks, which has coincided with the Rugby World Cup.

The operating margin in the 13 weeks to 25 October was 6.2%, compared with 7.7% in the same 13 weeks last year. The lower margin was due to increases in the starting rates for hourly paid staff in October 2014 and August 2015, which totalled approximately 13%.

The company has opened 3 new pubs since the start of the financial year and has sold 1. It intends to open approximately 15 pubs in the current financial year.

It adds: "Following a review of our pubs, as previously reported, the company offered 20 leasehold pubs for sale and is now considering a small number of freehold disposals in the course of the financial year."

Peel Hunt cuts JD Wetherspoon to sell from hold, target cut from 711p to 700p.

along with other companies, JDW doesn't like paying "living wage" ...... hard cheese! i thoroughly concur with the argument that it should not be for the taxpayer to subsidise what are effectively underpaid employees

JD Wetherspoon said like-for-like sales improved in the first 12 weeks of the second quarter but that operating margins would be 1.1% lower than the same period last year due to increased labour costs. "Our current view is profits for this year are likely to be towards the lower end of analysts' expectations," said chairman Tim Martin.

The local JDW I use you never see the same staff the staff turnover is incredible.

INTERIM RESULTS

(For the 26 weeks ended 24 January 2016)


FINANCIAL HIGHLIGHTS

Before exceptional items:

Revenue £790.3m (2015: £744.4m) +6.2%

Like-for-like sales +2.9%

Operating profit £49.4m (2015: £55.4m) -10.8%

Profit before tax £36.0m (2015: £37.5m)
Underlying earnings per share before a property gain and the benefits of a deferred tax credit 19.1p (2015: 22.9p)
-3.9%
-16.6%
Interim dividend 4.0p (2015: 4.0p)
Maintained

After exceptional items


Profit before tax £36.6m (2015: £37.5m) -2.2%

It's ages since I've been in a Spoons but called in at the Rocket on Tuesday near Fulham, and we were very surprised to hear that it is up for sale, it's right on the river and tables were reserved for the evening session (and that's in the winter) must be heaving in the summer.

I know that they are off loading duplicate sites but would have thought this one to be a prime site and gold mine.

Do you know it Skinny or anyone else?

Not been there, but must admit that the inside looks nicer than the outside from their website. Might be that the running costs (rates etc) are too high to justify keeping it. The Railway just down the road is a JDW and looks nicer, imo.

We did note the Railway (but did not go inside) but after going inside the Rocket and taking note of the site frankly we were and still are gobsmacked at it being up for sale.

As you say running costs and rates may be to high, I wonder if the Youngs pub at Blackfriars is also up for sale as well as that has a similar appeal, I'll have a dig around.

One thing I did think is the possible future flood risk, with Spoons selling at the top of the market to capitalise as well.

StockMarketWire.com
JD Wetherspoon's like-for-like sales increased by 4.0% and total sales increased by 3.8% in the 11 weeks to 10 July.

In the year to date (50 weeks to 10 July) like-for-like sales increased by 3.4% and total sales increased by 5.5%.

The full-year operating margin before exceptional items and before a £3.8m gain on property is expected to be around 6.8%, compared to 7.4% last year.

The company has opened 13 new pubs since the start of the financial year, has sold 29 and has closed 11. It expects to open 16 new pubs in this financial year. There will be around £13m of exceptional, non-cash losses in this financial year, which are mainly associated with pub disposals and closures.

The company remains in a sound financial position. Net debt at the end of this financial year is currently expected to be around £670m.

The company has bought back 5.7m shares, at a total cost of £39m, since the start of the financial year.

Chairman Tim Martin, said: "As most people will be aware, an unusual number of forecasts for the UK economy have been made in the run-up to, and the aftermath of, the referendum. Most of the forecasts from representatives of institutions which are normally responsible for financial stability were extremely negative.

"For example, the International Monetary Fund`s Christine Lagarde said in May that a leave vote in the referendum would be "pretty bad to very, very bad."

"An IMF report additionally said that a leave vote would have a 'negative and substantial effect'.

"Similar comments were made by the Bank of England Governor Mark Carney. HM Treasury also warned that Brexit would cost the average household about £4,000 per annum in the future. The CBI, Goldman Sachs, Morgan Stanley, PWC and many FTSE 100 CEOs, among others, supported this negative view.

"The Chancellor of the Exchequer George Osborne repeatedly warned that mortgage and interest rates were likely to rise in the event of a leave vote and threatened an emergency budget to increase taxes and to reduce public expenditure.

"Osborne`s stance was supported by Prime Minister David Cameron, who also forecast an increased likelihood of war and genocide.

"Unbeknown to most voters, one of the 'architects' of the Remain campaign, which devised the above approach, was Peter Mandelson ('How the struggle for Europe was lost', Peter Mandelson, Financial Times, 2 July), who worked closely with Cameron, Osborne and others

"In my opinion, the above individuals and organisations are either dishonest, or they have a poor understanding of economics, since democracy and prosperity are closely linked and the EU is clearly undemocratic. By voting to restore democracy in the UK, I believe the UK's economic prospects will improve, although it is quite possible that the unprecedented and irresponsible doom-mongering, outlined above, may lead to some kind of slowdown.

"In spite of the dire warnings above, Wetherspoon trade strengthened slightly in recent weeks and we consequently anticipate a modestly improved outcome for this financial year. Caution should be exercised in extrapolating current levels of sales growth for future years."

StockMarketWire.com
Pub group JD Wetherspoon reports record sales, profit and earnings per share before exceptional items for the year to 24 July.

Like-for-like sales increased by 3.4% (2015: 3.3%), with total sales of £1,595.2m, an increase of 5.4% (2015: 7.4%). Like-for-like bar sales increased by 3.3% (2015: 1.2%), food sales by 3.5% (2015: 7.3%) and slot/fruit machine sales decreased by 2.2% (2015: decreased by 2.8%). Like-for-like room sales at our hotels increased by 9.7% (2015: 24.2%) - although hotel sales form less than 1% of total sales. Operating profit before exceptional items decreased by 2.5% to £109.7m (2015: £112.5m). The operating margin, before exceptional items, decreased to 6.9% (2015: 7.4%), as a result mainly of increases in staff costs, utilities and depreciation. Profit before tax and exceptional items increased by 3.6% to £80.6m (2015: £77.8m), with a contribution from property profits of £5.3m (2015: £0.7m loss). Earnings per share (including shares held in trust by the employee share scheme), before exceptional items, were 48.3p (2015: 47.0p). Net interest was covered 3.3 times by operating profit before exceptional items (2015: 3.3 times).

Total capital investment was £124.8m in the period (2015: £173.3m), with £55.2m invested in new pubs and extensions to existing pubs (2015: £106.3m). I

n addition, there was expenditure of £33.5m on existing pubs and IT infrastructure (2015: £44.8m) and £36.1m on the acquisition of freeholds where Wetherspoon was already a tenant (2015: £21.6m). Exceptional items totalled £5.7m (2015: £12.6m). The company incurred charges as a result of a number of pub disposals and closures. There was an £8.5m loss on disposal and an impairment charge of £3.9m for closed sites.

A further impairment charge of £2.2m was incurred in respect of underperforming pubs, redundant computer software and onerous leases. In addition there were £8.9m 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 £14.0m, which reflected the proceeds from the pub disposals. Free cash flow, after capital investment of £33.5m on existing pubs (2015: £44.8m), £6.9m in respect of share purchases for employees (2015: £6.8m) and payments of tax and interest, decreased by £19.3m to £90.5m (2015: £109.8m).

The decrease resulted from a working capital outflow of £9.6m in the year compared with an inflow of £27.3m in 2015. Free cash flow per share was 76.7p (2015: 89.8p).

Chairman Tim Martin said: "I am pleased to report a year of progress for the company, with record sales, profit and earnings per share before exceptional items.

"The government is actively considering ideas for generating jobs and economic activity, especially in areas outside the affluent south of the country - VAT equality, as the trade organisations BBPA and ALMR have demonstrated, is a very efficient and sensible method of helping to achieve these objectives.

"Tax equality also accords with the underlying principle of fairness in applying taxes to different businesses.

"In the run up to, and the aftermath of, the recent referendum, the overwhelming majority of FTSE 100 companies, the employers' organisation CBI, the IMF, the OECD, the Treasury, the leaders of all the main political parties and almost all representatives of British universities forecast trouble, often in lurid terms, for the economy, in the event of the Leave vote.

"For example, claims were made by David Cameron and George Osborne that family income would eventually be reduced by £4,000 per annum, that mortgage interest rates would increase and that house prices would fall - claims which were supported, in terms, by Mark Carney of the Bank of England.

"City voices such as PwC and Goldman Sachs, and the great preponderance of banks and other institutions, also leant weight to this negative view. For example, Paul Johnson of the Institute of Fiscal Studies (The Times 28 June) stated that there was 'near-unanimity' among economists in favour of Remain.

"Rather amazingly, he added: 'I take as given that we economists were collectively right about the (bad) economic consequences of leaving the EU.' Johnson then cites this consensus as evidence for the economic truth of the Remain case.

"This is a strange argument to advance since consensus forecasts from economists, who generally failed to forecast the last recession or the catastrophic flaws of the euro, are almost always delusional.

"As Warren Buffett has said, forecasts tell you a lot about the forecaster, but not about the future. Economic forecasts from over-confident pundits such as Mr Johnson are an important component of Benjamin Graham's 'Mr Market', the mythical punter who gets everything wrong.

"Just as the combined intellectual weight of the 'good and great' could not see through the flaws in the euro, they have, with honourable exceptions, been unable to see that the principle flaw of the EU - an absence of democracy - will almost certainly lead to further economic and political chaos, and to more dire consequences for those who are subject to EU decisions.

"The overwhelming economic evidence is that successful countries are democracies - Mr Johnson and like-minded economists really do need to stick that point in their pipes and smoke it. For all their faults, democracies produce the greatest level of prosperity and freedom. As in the case of the euro, the general public has a much better perception about this overriding factor than the consensus of intellectual opinion. I have written an article on this general subject for Wetherspoon News.

"Now that the gloomy economic forecasts for the immediate aftermath of the referendum have been proven to be false, 'Scare Story 2' is that failure to agree on trade deal with the EU will have devastating consequences. This was articulated by fund manager Nicola Horlick this week, who told Radio 4 listeners that leaving the Single Market would relegate the UK from the 5th-biggest economy in the world to the 8th or 9th.

"In contrast, Wetherspoon's experience indicates that reaching formal trade deals with reluctant counterparties is impossible - and it is unwise to try. "For example, I personally agreed on terms with one of our biggest suppliers, a major PLC, for a new seven-year contract about 12 years ago. Although the deal was put in the hands of lawyers, it was never signed or 'ratified' during this time, although we traded successfully for the anticipated duration.

"We subsequently agreed on a deal for a further seven years - and that has not been signed to this day. Indeed, we have traded without interruption with this company for 37 years. In contrast, deals with some suppliers have been rapidly embodied in formal contracts. Over the years, we have agreed on thousands of 'trade deals' with big and small suppliers: some are formal contracts, some are 'hand-shakes', some are short term, but many last for decades. The commercial reality is that you can lead the horse to water, but you can't make it drink.

"This is especially true of the EU - an organisation of Byzantine complexity, run by five unelected presidents, with input from numerous other parts of the many-headed Hydra. It has struggled to reach trade deals with most of the world's major economies, for example, the USA, China and India.

"The UK is an enormous trading partner of the USA, generating a substantial surplus for us, in spite of the absence of a 'deal' and it would be unwise to clamour after a specific formal agreement to replace existing arrangements in these circumstances - the back of the queue is a good place to be.

"Former Chancellor Nigel Lawson (Financial Times, 3/4 September) and many others advocate leaving the EU and trading afterwards with it on the basis of World Trade Organisation rules. If the EU is keen for a trade deal, we should cooperate, but unelected apparatchiks like President Juncker can't be controlled - which is one of the main reasons we voted to leave. "Common sense & suggests that the worst approach for the UK is to insist on the necessity of a 'deal' - we don't need one and the fact that EU countries sell us twice as much as we sell them creates a hugely powerful negotiating position.

"If WTO tariffs apply, the UK will receive twice as much as it pays. Boris Johnson, David Davis and Liam Fox will achieve far more for the UK by copying Francis Drake and playing bowls in Plymouth, rather than hankering after an EU agreement, although time spent in improving arrangements with Singapore, New Zealand and India, for example, may be well spent.

"Since the year end, Wetherspoon's sales have continued to be encouraging and increased by 4.1%. Despite this positive start, it remains to be seen whether this will continue over the remainder of the year, given the strong like-for-like sales in the last financial year and what remains a very low-inflation environment.

"We will provide updates as we progress through the year, but we currently anticipate a slightly improved trading outcome for the current financial year, compared with our expectations at the pre-close stage."

StockMarketWire.com
JD Wetherspoon's like-for-like sales for the 13 weeks to 23 October increased by 3.5% and total sales increased by 2.3%.

The level of like-for-like sales reduced to 2.3% in the last five weeks of the period. The operating margin, excluding property gains, in the 13 weeks to 23 October was 8.6%, compared with 5.8% in the corresponding 13 weeks last year. The margin was unusually high during the period and was unusually low for the same three months last year. The company currently anticipates an operating margin of around 7% for the current financial year.

The Company has opened one new pub since the start of the financial year and has sold nine. It intends to open about 15 pubs in the current financial year. The company says it remains in a sound financial position.

PRE-CLOSE TRADING STATEMENT

J D Wetherspoon plc presents below its pre-close trading statement for the financial year to 30 July 2017. The preliminary results are due to be announced on 15 September 2017.


Current trading

For the 11 weeks to 9 July 2017 like-for-like sales increased by 5.3% and total sales increased by 3.6%. In the year to date (50 weeks to 9 July 2017) like-for-like sales increased by 3.9% and total sales increased by 1.9%.

The full-year operating margin before exceptional items and before a £1.6m gain on property is expected to be between 7.6% and 7.8% for the 53-week period, compared to 6.9% last year.

Property

The Company has opened 9 new pubs since the start of the financial year and has sold or closed 38. We expect to open one more pub before the financial year end. There are expected to be around £24m of exceptional, non-cash losses in this financial year, which are mainly associated with pub disposals and closures.

As previously announced, the company has increased capital expenditure in older pubs, which will be about £65m in the current year. Areas of expenditure include staff rooms, kitchen and garden upgrades, and IT improvements. We anticipate expenditure continuing at this, or a slightly higher, rate for the next few years.

As previously announced, the company has bought the freeholds of a number of properties of which it was previously the tenant. We have spent £89.5 million on 44 of these freeholds in the year to date, and have spent £190.9 million on 102 freeholds since 2011.


Financial position

The Company remains in a sound financial position. Net debt at the end of this financial year is currently expected to be around £715m.

The company has bought back 3.4m shares, at a total cost of £31m, since the start of the financial year.


Outlook

The chairman of Wetherspoon, Tim Martin, said:

"Sales have been good in the last 11 weeks, probably helped by unusually good weather.

"As previously stated, the Company anticipates that like-for-like sales of about 3 to 4% will be required to maintain profits at this year's levels in our next financial year.

"As is the case for most public companies, shareholders and the media are interested in our views on the Brexit process. I have outlined my views in a few paragraphs on some of the issues, which can be found at the end of this statement. In general, it is my view that requests to the government, like the one last week from the FCA, for "clarity" and to "hammer out a post-Brexit transitional arrangement this year" are unrealistic and increase pressure to agree unfavourable terms. It also makes the FCA and similar organisations seem rather weak. Everyone knows that these sorts of deals aren't within the government's gift - and the City and businesses are supposed to be able to deal with uncertainty."



Trading statement ends.

Preliminarys http://www.moneyam.com/action/news/showArticle?id=5665856

Not the best surroundings in the numerous ones I have frequented. Always busy though.

Lovely Jubbly this one since I bought in years ago.

Plus Tim wanted Brexit so he gets my business.

On the flipside Branson gets nowt.

Best riser from my sector list this one for no obvious news that I can see...didn't know Branson had a pub chain CD 🙂

Spoons meat supply's in doubt today http://https://www.jdwetherspoon.com/news/2018/01/steak-availability

SP unaffected in fact it's up so far.

Gap from Sept 2017 looks like it may be filled soon at around £10.50

GNK trading update tomorrow. MARS was downgraded by three brokers all on the same day yesterday. Coincidence or what. My conspiracy theory was they had got themselves in a mess shorting and couldn't close out before trading update..

StockMarketWire.com
JD Wetherspoon announced like-for-like sales increased 3.5% and total sales rose 2.8% in the 13 weeks to 29 April 2018.

Year-to-date like-for-like sales increased by 5.2% and total sales jumped 3.8%.

The third quarter last year included the early May bank holiday, but the third quarter this year did not, which is likely to have reduced like-for-like sales by 0.5% in the period.

Since the start of the financial year, the company has opened five new pubs and sold 19.

The pub chain said it intends to open one further pub in the current financial year. The company believes the market value of our pub estate remains comfortably above the net book value.

JD Wetherspoon spent £15.4m on buying the freeholds of pubs of which we were previously tenants and bought back £51.6m of shares in the financial year to date.

The company reported a sound financial position. Net debt at the end of the quarter was £754m and is expected to be around £740m at the end of the financial year.

I am not a holder, but in the event that England do fairly well in the World Cup, JDW should have some pretty good trading figures when next reporting.

They do a great fried breakfast. :-))

Trading Statement

PRE-CLOSE TRADING STATEMENT

J D Wetherspoon plc presents below its pre-close trading statement for the financial year to 29 July 2018. The preliminary results are due to be announced on 14 September 2018.


Current trading

For the 10 weeks to 8 July 2018 like-for-like sales increased by 5.2% and total sales by 5.6%. In the year to date (49 weeks to 8 July 2018) like-for-like sales increased by 5.2% and total sales by 4.2%.



Property

The Company has opened 6 new pubs since the start of the financial year and has completed the sale of 23 pubs. No further openings are expected in the current year.

About £9m of exceptional, non-cash losses are expected in this financial year, mainly a result of pub disposals which were below the value in our balance sheet.

The Company has also spent £15.6m on buying the freehold "reversions" of pubs of which we were previously tenants.



Financial position

The Company remains in a sound financial position. Net debt at the end of this financial year is expected to be about £740m.

The Company spent £51.6m in respect of share buybacks in the first quarter of the year.

As previously reported, the shareholding of Tim Martin has risen above 30%, as a result of share buybacks in the last 12 years. A rule 9 'whitewash', under the relevant regulations, will again be put forward at the General Meeting in November, which will allow the Company to continue to undertake buybacks

Outlook

The chairman of Wetherspoon, Tim Martin, said:

"We are frequently asked about the effect of Brexit on the Company and the economy. The main advantage of Brexit is that the EU is a protectionist system that imposes high tariffs on non-EU imports such as wine, rice, coffee, oranges, children's shoes and clothes, and over 12,000 other products.

"Leaving the EU allows the UK to adopt the approach of countries like Singapore, Hong Kong, Switzerland and Australia by dismantling these tariff walls, which improves general living standards.

"As the retiring Australian High Commissioner, Alexander Downer, has recently said:

"You will do well if you open your markets and you embrace free trade; there was never a country that embraced free trade that was poor as a result."

"In this connection, Wetherspoon has started to review its product range and has exchanged French champagne for sparkling wine from the UK and Australia, and German wheat beer for UK and American alternatives. The new products are now available, at reduced prices, in our pubs.

"We plan further initiatives in this area in the coming months.

"Huge progress has been made in leaving the EU: the referendum has taken place; the manifestos of the main parties, respecting the result, were endorsed in the general election; Article 50 was triggered and the sensible decision was taken to allow legal EU migrants to stay post-Brexit.

"Unsurprisingly, the prime minister has run into difficulties by making the mistake of prioritising a "deal" with the unelected EU representatives, which they have little incentive to accommodate, rather than a sensible implementation of Brexit in areas under the control of parliament.

"99% of the benefits of leaving the EU, including the avoidance of vast financial contributions, the elimination of tariffs and the reacquisition of fishing rights, need no agreement from any third party. The prime minister can avoid most current problems by prioritising these areas.

"I enclose below (Appendix 1) an article I wrote for the Sun newspaper on this issue.

"We continue to anticipate a trading outcome for this financial year in line with our previous expectations."

"As in the current year, we anticipate considerable cost increases next year, in areas including business rates, the sugar tax, utility taxes and wages. In addition, as a result of an increase in our "swaps", our interest rates will rise by around £7m.

Trading statement ends.

Finals http://www.moneyam.com/action/news/showArticle?id=6128081

Missed this earlier :- Q1 Trading Update

J D Wetherspoon plc ('Wetherspoon' or 'the Company') presents below its Q1 trading update for the 13-week period up to 28 October 2018.


Current trading

For the 13 weeks to 28 October 2018, like-for-like sales increased by 5.5% and total sales by 6.2%.

Property

The Company has opened two new pubs since the start of the financial year and has closed or sold three. We intend to open between 5 and 10 pubs in the current financial year.

Financial position

The Company remains in a sound financial position.


Corporate governance and health issues

The chairman of Wetherspoon, Tim Martin said:

"I am currently recovering from an operation after a burst appendix, so intend working part time from home for several weeks. Many thanks to the fantastic doctors, nurses and staff at the Royal Devon and Exeter hospital.

"As most people understand, an experienced board, as at Wetherspoon, can be a great advantage. My recent health scare emphasises this point."

The Company's General Meeting on 15 November 2018 will be chaired by Liz McMeikan, the Company's Senior Independent Director.

Outlook

Tim Martin said:

"I have written a few hundred words below on the advantages of free trade, which greatly outweigh the illusory benefits of a 'deal' with the undemocratic EU. Free trade will benefit consumers and the economy, yet few commentators today make the case for it, or appear to understand it.

"If you can look into the seeds of time, and say which grain will grow and which will not, speak then to me....."

W. Shakespeare.

"For millennia people have been sought advice from soothsayers like the Oracle at Delphi- or today from Mystic Meg.

"In business, the world's greatest investor, Warren Buffett, has warned that "Forecasts tell you a lot about the forecaster, but nothing about the future."

"But some forecasters lack Buffett's humility and insight. Pro-EU economists like David Smith of the Sunday Times or Paul Johnson of the IFS, full of scare stories about a post-Brexit future, are confident in their powers of prophecy.

"In reality, I believe the most consistently INACCURATE forecasts of the last 40 years have been made by pro-EU economists, bankers, academics, MPs, and organisations like the CBI, City accountants and the Financial Times.

"The predecessor of the euro, the exchange rate mechanism (ERM), was supported, almost universally, by these individuals and organisations.

"It was supposed to bring economic stability, but it brought the opposite - record high interest rates, recession, bankruptcies and negative equity.

"After this débâcle, broadly the same voices were evangelical in support of the euro, even though no currency has survived in history, as Wetherspoon pointed out at the time (appendix 1 below), without a government to collect taxes and redistribute them throughout the 'country'.

"It was predicted (appendix 2) that the U.K. would suffer terribly if it failed to join the euro, but the U.K. has since greatly outperformed the Eurozone, which has impoverished much of Southern Europe.

"The pro-EU dogma is the product of an undemocratic ideology, mainly- and surprisingly - promoted by Oxbridge graduates in influential jobs.

"Even so, a minority of Oxbridge nonconformists, including MPs like Michael Howard and Tony Benn, journalists like Neil Collins, bankers like Mervyn King, business people like Simon Wolfson and academics like Patrick Minford played a big role in defeating their Oxbridge colleagues over the euro.

"Pro-EU arguments reached a hysterical zenith during the referendum, with the Chancellor George Osborne, the Treasury, most academics, PWC, Deloitte, most PLC directors, the CBI, the FT, the OECD and the IMF supporting the view of an immediate economic downturn in the aftermath of a Leave vote. Unsurprisingly, the opposite happened.

"About 500,000 jobs have been created since, rather than the loss of 500,000. Mortgage rates have been lower, not higher, the stock market has risen, not fallen, City jobs have increased, not declined-and so on.

"A curious aspect of the hopelessness of these economic forecasts over 40 years is that the "man on the Clapham omnibus" (ie. the public) understood the issues well, rejecting the euro and the arguments about a downturn post-referendum.

"Democracy works, partly because elite education can create arrogance and an 'echo chamber' of groupthink, which inhibits good judgement.

"The dominant theme of the Oxbridge ideology today is that the U.K. will be worse off without a 'deal' with the EU.

"This view has been backed by a dishonest and surreal campaign (appendix 3) to persuade the public that food prices will rise without a deal - the opposite of the truth. Unfortunately, a section of the elite wrongly believes the public is gullible and stupid.

"This 'deal at any price' exhortation has been accepted by, I believe, a weak PM with autocratic tendencies, who dislikes genuine debate, and is locked in a tiny 'echo chamber' of like-minded people (appendix 4).

"In fact, 'no deal' really means 'free trade'. On 29 March next year MPs can end EU import taxes on oranges, coffee, wine, bananas, children's clothes and 12,651 products, thereby reducing shop prices. Many commentators do not understand that the UK can adopt free trade, ending import taxes, without the need for consent or permission from the EU.

"Today, these taxes are collected by the U.K. government and sent to Brussels. So enriching the public comes at no cost to the Treasury.

"The U.K. can simultaneously regain control of fishing waters and save £39 billion which the desperate Theresa May has offered the EU - even though there is no legal obligation to pay anything ("Brexit: UK could quit without paying…say Lords", 4 March 2017, The Guardian).

"Wetherspoon has set an example by swapping EU products like Jägermeister, Courvoisier and German beer for UK or non-EU products of equal or better quality and price. It follows that UK businesses and consumers have the power to reduce EU exports to the UK to zero, or almost zero.

"Everything that can be bought from within the protectionist EU club can be bought from the 93% of the world outside the EU - if you look hard enough.

"In a recent interview the former Chancellor George Osborne told Newsnight that "a minority of people were interested in rather esoteric issues of constitutional sovereignty."

"In fact, the desire for democracy and self-determination is not 'esoteric' (ie. only the concern of a few).

"North America, Japan, Singapore, India, Ireland and Australia, among many examples, have thrived following the end of what they saw as remote or arbitrary rule.

"The former prime minister of Australia, Tony Abbott, showing more economic insight than Osborne, has mocked the UK government approach - and succinctly summed up the arguments for free trade in the Spectator magazine (27 October, appendix 5).

"The economic truth is that no deal/free trade will leave the U.K. better off on the day we leave the EU in March next year. The risk to the future lies in staying linked to the chaotic and undemocratic Brussels regime.

"Boiling all these issues down, there are four simple tests which the public can use on 29 March next year to work out whether Theresa May and MPs have implemented the referendum result, and left the EU, as promised, or whether we have been hoodwinked:

1) Does the UK still charge protectionist import taxes (tariffs) on non-EU imports and send the proceeds to Brussels?

If the answer is "yes", the UK hasn't left the EU.

2) Has the UK paid or is it continuing to pay money to the EU in return for trade?

If "yes", we are unlikely to have left.

3) Has the UK regained control of its fishing waters?

If "no", we haven't left.

4) Is the UK still subject to European laws?

If "yes", we haven't left.

"As regards Wetherspoon, sales continue to grow strongly, although 'comparatives' are now tougher.

"As has been widely reported, unemployment is at a record low, putting upward pressure on wages. As a result, Wetherspoon is increasing pay of our staff starting from this week.

"Having had several recent years of record profits, we are not immediately seeking to recoup these increased costs through higher pricing or 'mitigation', but will review that during the year.

"It is difficult to be too precise at this early stage of the current financial year, but we now expect a trading outcome slightly below that achieved in the previous financial year. We will provide further updates on our trading as we progress through the year."

I wish him well, but a bit too much morphine if you ask me! Just stick to what he knows.

He is just reinforcing what he has written previously in the magazines available in his
"Nuclear's"

Down over 13% on the day.

Q2 Trading Update

J D Wetherspoon plc ('J D Wetherspoon' or 'the Company') announces an update on current trading, before entering its close period for its interim results, for the six months ending 27 January 2019, which are expected to be announced on 15 March 2019.

Current trading

For the first 12 weeks of the second quarter (to 20 January 2019), like-for-like sales increased by 7.2% and total sales by 8.3%. In the year to date (25 weeks to 20 January 2019), like-for-like sales increased by 6.3% and total sales by 7.2%.

Property

Since the start of the financial year, the Company has opened 2 new pubs and sold 6. We intend to open between 5 and 10 pubs in the current financial year.

The Company has spent £56m in the year to date on buying the freeholds of pubs of which we were previously tenants.

Financial position

The Company remains in a sound financial position. Net debt at the end of this financial year is currently expected to be around £10m higher than the level at the last financial year end.

The Company has agreed a new 5 year revolving credit facility of £875 million (previous £820 million) on attractive financial terms. The new facility matures in January 2024.

Outlook

The chairman of J D Wetherspoon, Tim Martin, said:

"The most frequently asked question, regarding the future, relates to the impact of leaving the EU. I have argued that the UK - and therefore Wetherspoon - will benefit from a free-trade approach, by avoiding a 'deal' which involves the payment of £39billion to the EU, for which the House of Lords (appendix 1) has confirmed there is no legal liability.

"This approach also means that the UK, without the agreement of the EU, can end some or all of the protectionist tariffs and quotas that apply on non-EU imports, including rice, oranges, bananas, coffee, wine, children's clothes and over 12,000 other products - many of which are not produced in this country. Ending tariffs reduces prices for consumers, without loss of government income, since the proceeds are currently remitted to Brussels.

"A good example of the EU's protectionism, which is denied by many people, is the recent imposition of tariffs on Cambodian rice, which will inevitably increase prices for businesses and consumers (appendix 2).

"Sales growth has been strong since our last update. Costs, as previously indicated, are considerably higher than the previous year, especially labour, which has increased by about £30m in the period, but also in other areas, including interest, utilities, repairs and depreciation.

"Profit before tax in the first half is expected to be lower than the same period last year. Our expectations for the full year are unchanged."

Appendix 1

Extracted from "Summary" of BREXIT AND THE EU BUDGET (page 3) (House of Lords / European Union Committee - 15th Report of Session 2016-17), 4 March 2017.


"… the strictly legal position of the UK on this issue appears to be strong. Article 50 provides for a 'guillotine' after two years if a withdrawal agreement is not reached unless all Member States, including the UK, agree to extend negotiations. Although there are competing interpretations, we conclude that if agreement is not reached, all EU law-including provisions concerning ongoing financial contributions and machinery for adjudication-will cease to apply, and the UK would be subject to no enforceable obligation to make any financial contribution at all."

Appendix 2

Extract from Reuters, Business News, 16 January 2019

"The European Union will impose tariffs on rice from Cambodia and Myanmar from Friday to curb a surge in imports, the European Commission said on Wednesday.....

....The Commission, which oversees trade policy in the bloc, had proposed the tariff measures last year but failed to a get clear majority of the 28 EU states to back the plan in December.....

.....Cambodia and Myanmar benefit from the EU's "Everything But Arms" scheme which allows the world's least developed countries to export most goods to the European Union free of duties. But the Commission said its investigation had confirmed that a significant increase in imports of longer-grained Indica rice from Cambodia and Myanmar had damaged EU producers.

From Jan. 18 it will set a duty of 175 euros (£155) per tonne of rice in the first year, dropping to 150 euros in the second and 125 euros in year three, it said.

Cambodia and Myanmar already face losing their special access to the world's largest trading bloc over their human rights records, although that potential sanction is separate from the rice safeguard measures.

The Commission said it had found that imports of Indica rice from the two countries had risen by 89 percent in the past five rice-growing seasons, and that a surge in cheap imports had reduced EU producers' market share in Europe to 29 from 61 percent.

EU farming group Copa-Cogeca said it welcomed the Commission's decision on Wednesday, saying it had recognised a critical situation in a sector that is vital for preventing an exodus from rural areas."