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Pre-Close Statement (Wetherspoon (JD)





TIDMJDW

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

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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

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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