Pub group JD Wetherspoon is boosted by slight easing back in energy costs

Compared with pre-Covid trading in 2018-19, sales in the fourth quarter so far are 11 per cent higher.

The firm said profits for the year to July 30 are set to be in line with market expectations, having improved its outlook in May.

It added that lower costs are set to boost its performance in the next financial year.

Wetherspoon chairman Tim Martin said: “The company expects profits in the current financial year to be in line with market expectations.

“As a result of a continued improvement in sales and a slightly reduced expectation for cost increases, for example energy costs, the company anticipates an improved outcome for the next financial year, and anticipates an outcome for the first half of 2023-24 approximately in line with the second half of 2022-23.”

Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, commented: “This is a solid performance from Wetherspoons set against an exceptionally challenging trading backdrop. Like-for-like sales have proved robust and, despite cost of living pressures on consumers; and there are signs that cost inflation may have peaked, which should help underpin profits in the coming year.

"Wetherspoon's commitment to low prices is keeping customers loyal, as evidenced by the robust like-for-like sales growth.”