(Alliance News) -Â JD Wetherspoon PLC on Friday posted a swing to loss for its half-year as Chair Tim Martin slammed the UK government's "unscientific" approach to the coronavirus crisis.
Revenue for the half-year to January 24 more than halved to GBP431.1 million from GBP933.0 million a year ago, and the pub operator turned to a post-IFRS 16 pretax loss of GBP68.0 million from a GBP35.7 million profit year-on-year.
Like-for-like sales tumbled 54% in the period, with bar sales down 57% and food down 48%, while fruit and slot machines slid 54%. Like-for-like hotel room sales decreased by 52%.
Given the "current circumstances", the company said, the board did not declare an interim dividend. A year ago, pub chain cancelled its interim payout due to Covid-19 uncertainty.
"Wetherspoon and its employees, along with the hospitality industry, have worked very hard to comply with ever-changing government guidelines. It is disappointing that so many regulations, implemented at tremendous cost to the nation, appear to have had no real basis in common sense or science - for example, curfews, 'substantial meals' with drinks and masks for bathroom visits," said Chair Martin.
He added: "The future of the industry, and of the UK economy, depends on a consistent set of sensible policies, and the ending of lockdowns and tier systems, which have created economic and social mayhem and colossal debts, with no apparent health benefits."
Shares in JD Wetherspoon were down 1.6% at 1,299.00 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Wetherspoon (J.D) (JDW)