Pre-close statement

RNS Number : 3779H

Wetherspoon (JD) PLC

10 July 2012

 



11 JULY 2012

 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 29 July 2012.

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%.

We expect the Company's corporation tax rate (before exceptionals) for this financial year to be around 28.0% to 28.5%.

Property

Since the start of the financial year, the Company has opened 40 new pubs and closed three pubs. As previously disclosed, it is our present intention to open approximately 20 to 30 pubs in the next financial year.

Financial position

The Company has bought back 5.6 million shares, at a total cost of £22.7 million, in the current financial year. There have been no significant changes in the Company's overall financial position since the IMS statement update on 2 May 2012.

Outlook

As previously stated, the main challenges for the Company, in this financial year of 53 trading weeks, have been the continuing cost pressures resulting from government legislation, including increases in excise duty, business rates and carbon tax. We expect to achieve a reasonable outcome for the current financial year.

Enquiries

John Hutson, Chief Executive	01923 477777
Kirk Davis, Finance Director	01923 477777
Eddie Gershon, Company Spokesman	020 8352 5012/07956 392234

Notes to editors

1. JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed, and the Company aims to maintain them in excellent condition.

2. Visit our website: www.jdwetherspoon.co.uk

3. This announcement has been prepared solely to provide additional information to the shareholders of JD Wetherspoon, in order to meet the requirements of the FSA's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith, using information available up until the date on which they approved this statement. Forward-looking statements should be regarded with caution, because of the inherent uncertainties in economic trends and business risks.

4. The next trading update is expected to be the full-year results, due to be issued on 14 September 2012.

5. The current financial year comprises 53 trading weeks to 29 July 2012.

 

END

 

 

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