Profits up at Wetherspoon's
Southern pub giant, Wetherspoon has announced H1 results including a 20 per cent increase in pre-tax profit, marginally up on analysts' expectations.
Pre-tax profit for the six months to January 2007 rose from £27.4m to £32.9m and revenue went up to £438m from £406m for the same period last year. The firm also raised its interim dividend from 1.6 to 4p.
The company said it remains confident of the future, although it is cautious of an increase in wages and utility costs combined with slower sales growth having an adverse effect on H2 results.
Following the announcement, shares in the firm dropped six per cent of their value, losing 39.5p to become 668p.