Pre-close statement

RNS Number : 6315V

Wetherspoon (JD) PLC

16 January 2013

 



16 JANUARY 2013

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 27 January 2013, which are expected to be announced on 15 March 2013.

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%.

Property

The Company has opened 5 new pubs so far this financial year and currently have 12 sites under development. In line with previous estimates we intend to open approximately 25 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 16 October 2012 of the annual report and accounts for the year ended 29 July 2012.

Outlook

Our sales, profit and cash flow continue to be resilient, in spite of the continuing taxation and regulation burden on the pub industry and the on-going pressure on consumer's disposable incomes. The Board expects a reasonable outcome for the current financial year.

Enquiries:

John Hutson, Chief Executive	01923 477 777
Kirk Davis, Finance Director	01923 477 777
Eddie Gershon, Company Spokesman	0208 352 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 current financial year comprises 52 trading weeks to 28 July 2013.

 

END

 

 

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