(Alliance News) - JD Wetherspoon PLC on Friday said it expects a "reasonable outcome" for its financial year despite its interim profit halving, but reported a surge in sales.
Shares in JD Wetherspoon were down 5.6% at 752.13 pence each in London on Friday morning.
The Watford, Hertfordshire-based pub chain said in the six months to January 28, pretax profit fell by more than half to GBP26.1 million from GBP57.0 million. This was amid property losses of GBP15.1 million, compared to GBP11.2 million the previous year.
In addition, Wetherspoon's operating costs grew 5.1% to GBP923.3 million in the first half of its financial year, from GBP878.5 million a year prior.
However, revenue rose 8.2% to GBP991.0 million from GBP916.0 million the year before.
Wetherspoon declared no interim dividend, unchanged from a year ago.
Looking ahead, the pub-owner said its sales have continued to improve, and noted that in the seven weeks to March 17, its like-for-like sales have increased by 5.8%.
Chair Tim Martin said: "The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance."
By Sabrina Penty, Alliance News reporter
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Wetherspoon (J.D) (JDW)