JD Wetherspoon reveals an improvement in sales as it continues to sell off sites

Like-for-like sales increased by 7.7 per cent over the year-to-date.

Sir Tim Martin, chairman of the pub firm, said its total sales are at “record levels” despite having fewer venues than it did a year ago.

In the year-to-date, Wetherspoons has opened two pubs but sold or surrendered the lease on 26 pubs.

It added that a further 10 trading pubs are either on the market or under offer.

The group, which currently has an estate of 801 pubs, said it has largely disposed of venues which are “smaller and older”, or where it has another site in close proximity.

At its peak, the pub firm had around 950 venues in 2015.

Earlier this year, the company said it still hoped to meet long-term ambitions of growing to 1,000 venues despite shrinking the size of its estate.

The group highlighted that it has new openings in Waterloo and Fulham Broadway stations in London, and in Marlow in Buckinghamshire planned for the coming months.

The company has disposed of some venues amid efforts to reduce its debt burden.

On Wednesday, Wetherspoons said it expects its net debt to stand at around £670m at the end of the financial year.

In the update, Sir Tim also renewed his calls for the Government to equalise the tax paid on drinks between his pubs and supermarkets.

“The average Wetherspoon pub has generated taxes of one sort or another of £7 million in the last 10 years, as well as generating considerable employment and social benefits,” he said.

“The last government failed to implement tax equality between pubs and supermarkets, leading to pub closures and underinvestment.

“Wetherspoon hopes that the current Chancellor, with a Bank of England pedigree, will understand how many beans make five, and rectify this inequality.”

"The company continues to expect profits in the current financial year to be in line with market expectations."

Analysts from Langton Capital said: “Whilst inflation has fallen, this represents a modest slowdown as, at Q3 (the third quarter), sales were tracking up 8.3 per cent in LfL (like for like) terms for the year to date.

"The company said at its Q3 that trading conditions in January and February were ‘pretty challenging’ with a pickup in March.”