JD Wetherspoon: Record £1.28bn Sales For Pubs
The JD Wetherspoon pub chain has reported record annual sales and paid staff some £28.6m in bonuses.
A statement of results for the year to July 28 said the chain, which has 886 pubs throughout the UK, saw profits before tax and exceptional items grow by 6.3% to £76.9m.
Total revenue grew by 7% to £1.28bn.
JD Wetherspoon chairman Tim Martin welcomed the results but said the pub industry faced an uncertain future.
"I am pleased to report another year of progress, with record sales, profit and earnings per share, despite having paid £551.5m in taxes," he said.
"It is unsustainable to have far higher taxes for the pub industry than those for supermarkets.
"Already, 10,000 pubs have closed and many others are suffering, through insufficient investment.
"In particular, there should be VAT equality for pubs, restaurants and supermarkets."
JD Wetherspoon, famous for offering customers cheap pints, opened 29 new pubs over the year.
It plans to open a further 30 in the coming 12 months, the statement said.
The chain has also seen a strong start to the 2013/14 reporting year, the statement said.
"In the six weeks to 8 September 2013, like-for-like sales increased by 3.6%.
"In the last fortnight, like-for-like sales were 2.5% - and this level may be an indicator for future sales growth.
"Overall, the company is aiming for a reasonable outcome in the current financial year."