Trading Update

Wetherspoon (JD) PLC
19 January 2005


                               JD WETHERSPOON PLC

                                 TRADING UPDATE


19 January 2005


Current Trading

For the first 12 weeks of the second quarter (to the 16 January 2005),
like-for-like sales increased by 0.9%, compared to a decline of 0.3% in the
first quarter. Year-to-date like-for-like sales (25 weeks to 16 January 2005)
are up 0.3% with overall company sales for the same period up by 3.8%.

Margins

As indicated in recent statements pub costs, (including utilities, distribution,
repairs and wages) are higher than previous years, producing pressure on
operating margins. This process has continued in the financial year to date
although our cash flow remains strongly positive.

Property

The first 24 weeks saw the opening of 6 new pubs with a full year target of
approximately 15.

The company has identified 15 pubs for potential disposal and this process is
now underway. Based on recent experiences it is likely that an exceptional
provision will be included in the interim results to reflect the potential loss
on disposal of these outlets, although the exact charge has not yet been
ascertained.

Outlook

The pub market remains competitive with continued pressure on both retail prices
and costs. Whilst this will have impacted the first six months the Board
currently believes that profits for this financial year (excluding the
exceptional item covered above) will be within the range of market expectations.

As stated previously, the company continues to concentrate on generating strong
operating cash flow and, in the year to date, has funded all its capital
expenditure on existing and new pubs from organic cash flow. In spite of the
current demanding trading environment, the company is confident of its future
prospects.

The company intends to announce its interim results on 4 March 2005.



Enquiries:

Jim Clarke             Finance Director                          01923 477777
Eddie Gershon          Company Spokesman                         0208 352 5012/
                                                                 07956 392234

Visit our web site at www.jdwetherspoon.co.uk


                      This information is provided by RNS
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