# Wetherspoon (JD) Plc reasonable start to the financial year - Link: https://www.directorstalkinterviews.com/wetherspoon-jd-plc-reasonable-start-to-the-financial-year/412758484 - Published: 2018-09-14T07:19:59+01:00 - Author: Charlotte Edwards **Wetherspoon (JD) Plc** (LON:JDW), today announced the preliminary results for the 52 weeks ended 29 July 2018. | FINANCIAL HIGHLIGHTS | Var% | Var%** | | | | | | Before exceptional items | | | | –     Like-for-like sales | +5.0% | | | –     Revenue £1,693.8m (2017: £1,660.8m) | +2.0% | +4.2% | | –     Profit before tax £107.2m (2017: £102.8m) | +4.3% | +6.2% | | –     Operating profit £132.3m  (2017: £128.5m) | +2.9% | +4.8% | | –     Earnings per share (including shares held in trust) –     79.2p (2017: 69.2p) | +14.5% | | | –     Free cash flow per share 88.4p (2017: 97.0p) | -8.9% | | | –     Full year dividend 12.0p (2017: 12.0p) | Maintained | | | | | | | After exceptional items* | | | | –     Profit before tax £89.0m (2017: £76.4m) | +16.5% | +18.6% | | –     Operating profit £132.3m (2017: £128.5m) | +2.9% | +4.8% | | –     Earnings per share (including shares held in trust) –     63.2p (2017: 50.8p***) | +24.4% | * Exceptional items as disclosed in account note 4. ** Excluding week 53. *** Exceptional deferred tax has been restated. See note 7 for further details > **Commenting on the results, Tim Martin, the Chairman of** > **J D Wetherspoon plc, said:** > “There will be a huge gain for business and consumers if the UK copies the free > trade approach of countries like Singapore, Switzerland, New Zealand, Australia, > Canada and Israel, by slashing protectionist EU import taxes, on leaving the EU > in March next year. > “These invisible tariffs are charged on over 12,000 non-EU products, including > rice, oranges, coffee, wine and children’s clothes. The proceeds are collected > by the UK taxman and sent to Brussels. > “Ending tariffs will reduce shop and pub prices, improve living standards, and > will help non-EU suppliers, currently discouraged by tariffs, quotas and the extensive > paraphernalia of EU protectionism. > “If parliament votes to end tariffs and rejects the ‘Chequers Deal’, consumers > and business will benefit additionally by avoiding a cost of £39 billion, or £ > 60 million per UK constituency, in respect of the EU ‘divorce payment’ – for which > there is no legal obligation. > “Parliament can also regain control of UK fishing waters, where 60% of the catch > is currently taken by EU boats. > “Unfortunately, some individuals, businesses and business organisations have mistakenly, > or misleadingly, repeated the myth that food prices will rise without a ‘deal’ > with the EU. > “In fact, the only way prices can rise post-Brexit is if parliament votes to impose > tariffs. The EU will have no say in the matter, provided that the government does > not sign away the UK’s rights in a ‘deal’ in the meantime. > “An article on this subject, which has appeared in several pub trade publications, > can be found in appendix 1 below. > “Like-for-like sales in the six weeks to 9 September increased by 5.5%. The company > has had a reasonable start to the financial year, but taxes, labour and interest > costs are expected to be higher than those of last year, so we estimate that like- > for-like sales growth of about 4.0% will be required for the company to match > last year’s record profits.” Share on: