Pub group JD Wetherspoon's performance hit by rising taxes
A PUB chain with outlets in Derby has reported ‘reasonable’ half-year trading - but said its performance had been hit by rising taxes.
In its interim results issued this morning for the 26 weeks to January 27, the operator said sales were up 10%, from £569.4 million to £626.4 million.
But pre-tax profits were down 2.7%, from £35.8 million to £34.8 million.
In Derby, JD Wetherspoon owns The Standing Order, in the Market Place, The Babington Arms, in Babington Lane and The Thomas Leaper, in Iron Gate.
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Chairman Tim Martin said: “The outcome of the first half of the financial year was reasonable, given the pressures on the UK consumer.
“The biggest danger to the pub industry is the VAT disparity between supermarkets and pubs and the continuing imposition of stealth taxes, such as the late night levy and the increase in fruit/slot machine taxes.
“Taxation and input costs will continue to rise but overall the company continues to aim for a reasonable outcome in the current financial year.”