Final Results

Wetherspoon (JD) PLC
8 September 2000


J D Wetherspoon plc announces preliminary results for the year ended
30 July 2000.


Highlights

Turnover up 37% to £369.6m
*Operating profit (pre impact of sale and leaseback rentals)
up 34% to £54.0m
*Statutory operating profit up 28% to £46.3m
*Profit before tax up 38% to £36.1m
*Earnings per share up 30% to 16.8p
Proposed final dividend per share up 10% to 1.76p
101 pubs opened
*Excludes exceptional items from previous years' results.

Commenting on the results, Tim Martin, the chairman of J D
Wetherspoon plc, said:

'I am pleased to report another year of excellent progress for
Wetherspoon. Sales increased by £99.9 million to £369.6 million, a
rise of 37%.

We opened 101 pubs during the year, compared with 84 in the previous
year, bringing the total number to 428. Average sales per pub in the
year increased to approximately £1 million (1999: £904,000), a figure
which has nearly doubled since our flotation in 1992.

Following our strong trading performance, the pipeline of new sites,
our continuing investment in training and people and the dedicated
effort of our pub and head office teams, I remain confident of our
future prospects'.

Enquiries:

Tim Martin       Chairman             01923 477777
John Hutson      Managing Director    01923 477777
Jim Clarke       Finance Director     01923 477777
Eddie Gershon    Press Office         07956 392234

Photographs are available at: www.newscast.co.uk
CHAIRMAN'S STATEMENT

I am pleased to report another year of excellent progress for
Wetherspoon. Sales increased by £99.9 million to £369.6 million, a
rise of 37%. Operating profit, excluding sale and leaseback rentals,
increased by 34% to £54.0 million, and profit before tax rose by 38%
to £36.1 million.  Earnings per share rose by 30% to 16.8p.

Capital investment was £155.8 million, and net gearing at the year
end was 60% (1999: 61%). Net interest was covered 4.5 times (1999:
3.6 times) by operating profit. Operating margins before
depreciation, interest, sale and leaseback rentals and tax were
20.3%, compared with 20.8% last year. This small reduction reflects
mainly higher labour and bonus payments, offset by lower fixed
overheads.

Free cash flow after payments of tax, interest, dividends and capital
investment of £14.5 million in existing pubs increased by 23% to
£45.5 million, resulting in a cash flow per share of 22.3p before
investment in new pubs and loan repayments.

Economic profit, calculated by adding depreciation to profit before
tax and subtracting capital expenditure on existing pubs, increased
by 28% to £42.5 million, with an increase in capital investment in
existing pubs to 3.9% of turnover compared with 3.3% of turnover in
the previous period.

Dividends
The Board proposes, subject to shareholders' consent, to pay a final
dividend of 1.76p net, bringing the total dividend for the year to
2.67p, a 10% increase on the previous year. At this level, dividends
will be covered 6.3 times, compared to 5.3 times, before exceptional
items, in 1999. A scrip alternative will again be offered to
shareholders.

Finance
As previously reported, the company renegotiated its UK banking
facilities during the year, resulting in unsecured loan facilities of
£225 million. In addition to the UK facilities, a 10-year unsecured
US note issue was completed in September 1999 which raised net
proceeds of £86.8 million. The company also raised £43.8 million
through an equity placing in February 2000; at the year end,
unutilised facilities and cash balances were £142 million.

Further Progress
We opened 101 pubs during the year, compared with 84 in the previous
year, bringing the total number to 428. Average sales per pub in the
year increased to approximately £1 million (1999: £904,000), a figure
which has nearly doubled since our flotation in 1992.

The new pubs are located in a variety of areas, including major city
centres, residential suburbs and smaller towns. We are encouraged by
sales in these new pubs, and it is notable that regions such as the
northwest of England, where other pub companies have reported
difficulties, have shown strong growth.

As well as continuing our progress in many parts of England, we have
also continued to open pubs with great success in Scotland, in towns
such as Saltcoats and Wishaw, and in South Wales in Port Talbot,
Blackwood and Llanelli. We have also acquired four sites in Northern
Ireland, the first of which opened in Ballymena just after the period
end, where initial sales have been exceptional.

In late July, we purchased 10 Lloyds No.1 pubs from a regional
brewer. These sites are in extremely good city and town centre
locations and are operated on a different basis from Wetherspoon
pubs, including the provision of music. We intend to operate these
pubs separately from the rest of the company, keeping, for the time
being, their original identity and incorporating Wetherspoon's
systems where they would be helpful. Sales since acquisition have
increased by 17%, and we are confident that they will match the
average for Wetherspoon pubs in the near future.

After like-for-like sales growth of 8.6% in 1998/99, like-for-like
sales increased by a further 12.4% in the year under review, with
profits increasing by 13%.

We continue to upgrade every area of the business. For example, we
have made strenuous efforts in the area of information technology, by
improving our Web site and by making available more new management
information to pub and area managers, so that the Wetherspoon
Information System (WIS) is, I believe, the best in the pub business.
In the area of training, Wetherspoon's pub managers received 337
advanced training qualifications out of a total of 1,455 awarded by
the British Institute of Innkeeping to the entire industry,
reflecting our hard work in this area.

We have also continued to improve our marketing of many products.
Traditional ales, for example, which have seen a decline in the
market overall, have shown strong growth in Wetherspoon. We now
distribute ales nationally from regional brewers, including Spitfire
from Shepherd Neame and Abbott Ale from Greene King, as well as
promoting the renowned beers of smaller brewers, such as Summer
Lightning from Hop Back, Landlord from Timothy Taylor and Butcombe
Bitter, in various regions of the country.

A group of brewers have introduced an excellent quality-control
system for traditional ales, involving regular inspections of pubs
which, if they pass a number of quality-control tests, are awarded
the 'Cask Marque'. I am pleased to say that 350 Wetherspoon pubs have
received Cask Marque awards, a percentage which I believe to be the
highest in the industry.

We have continued to work with our suppliers and, in return for
greater volume growth for them, have renegotiated many of our buying
prices, so that the company continues to become more competitive.

We have introduced a number of new products, including steaks at very
reasonable prices throughout our estate, curries for our extremely
successful Curry Club and cappuccino and other coffees nationwide. An
initiative to increase sales of wine by the bottle, traditionally
sold by the glass in pubs, has worked extremely well and we are now
selling over 20,000 bottles per week in this way.

Other initiatives in our marketing campaign starting today include
the introduction to our national price list of Kozel, a Czech beer,
at £1.59 for a 500ml bottle. This product is available only at
Wetherspoon pubs and won a gold medal in 1999 at the World Beer
Championships held in Chicago, USA. We are also introducing 33cl
bottles of Stella Artois at £1.29 and Wadworths 6X at £1.49
nationwide (excluding our central London and airport sites) and are
continuing to improve our spirit offer in this growing market by
increasing the focus on premium spirits such as Jack Daniel's,
Johnnie Walker Black Label and Courvoisier.

Every Wetherspoon pub receives an average of 6 quality-control visits
per month from head office staff and 'mystery visitors'. Bonuses are
awarded, based on the results of these calls and on the profitability
of the pubs. Bonuses paid out to pubs in the year totalled £8.5
million (1999: £5.1 million).

The Economy
A number of politicians and businessmen advocate Britain joining the
Euro.  I personally believe that this is an extremely unwise idea,
since each of the existing major currencies in the World is the
product of a single government which does not exist in Europe. An
attempt to link currencies and interest rates together caused
economic chaos in the early 1990s when the exchange rate mechanism
failed. It is important for our economic future to learn lessons from
that debacle.

The government has recently highlighted the enormous number of
regulations affecting the licensed trade. However, the number of
regulations affecting all businesses continues to increase as a
result of both British and European legislation, and this trend will
undoubtedly make the economy less competitive over time.

People
The great success of the business in the last year results from the
efforts and dedication of the people who work for it, as well as our
suppliers and advisers, and I would like to thank them very much.

Prospects
Like-for-like sales in August, helped by excellent weather, increased
by 5% (following growth of 19% in August 1999) and total company
sales increased by 32%. The encouraging sales growth in recently
opened pubs has also continued, with a promising start from the 10
pubs opened since the period end.

We also have 30 sites in the course of construction, 32 with the
necessary permissions for development and a further 101 on which
terms have been agreed. With the reduction in competition from our
major competitors for new sites, the property market continues to
offer good opportunities to Wetherspoon.

Following our strong trading performance, the pipeline of new sites
and our continuing investment in training and people, I remain
confident of our future prospects.





Tim Martin
Chairman
8 September 2000



Profit and loss account
for the year ended 30 July 2000

                         Notes               Before       After
                                        Exceptional Exceptional
                                                         
                                              Items     Items
                                   2000        1999      1999
                                   £000        £000      £000
                                                             
Turnover                        369,628     269,699   269,699
Operating profit          2      46,278      36,226    35,389
Profit on disposal of                 -                      
tangible fixed   assets   3                       -    22,625
Net interest payable      4    (10,226)    (10,012)  (10,012)
Profit on ordinary                                           
  activities before          
  taxation                      36,052      26,214    48,002
  
Tax on profit on                                             
ordinary activities       5     (1,785)       (751)     (751)

Profit on ordinary                                     
activities after taxation        34,267     25,463    47,251
  
Dividends                 6     (5,599)     (4,809)   (4,809)
Retained profit                                       
  for the year                  28,668      20,654    42,442
                                                             
Earnings per ordinary                                        
  share                   7       16.8p       12.9p     24.0p
                                                             
Fully diluted earnings                                       
  per ordinary share      7       16.4p       12.8p     23.8p

All activities relate to continuing operations.

Details of exceptional items for the year ended 1 August 1999 are given
in note 3. There were no such items in the year ended
30 July 2000.

Statement of total recognised gains and losses

                                                 2000       1999
                                                 £000       £000
                                                             
Profit for the financial                                     
year after taxation                              34,267     47,251
  
Unrealised surplus on                                        
revaluation of properties                            -       1,938
  
Total recognised gains                                       
relating to the year                             34,267     49,189
 

Note of historical cost profits

                                                 2000       1999
                                                 £000       £000
                                                                
Reported profit on                                              
ordinary activities                              36,052     48,002
  before taxation
Realisation of property                                                
  revaluation deficits of                            -        (880)
  previous years

Difference between                                              
  historical cost depreciation                                               
  charge and actual                                             
  depreciation charge of the year                   672        495
  calculated on the
  revalued amount

Historical cost                                                 
  profit on ordinary                             36,724     47,617
  activities before taxation

Historical cost                                                 
  profit for the year                                             
  retained after                                 29,340     42,057
  taxation and dividends
  

Cash flow statement
for the year ended 30 July 2000

                     Notes          2000              1999        
                                    £000     £000     £000    £000
                                                                  
Net cash inflow         8         76,165   76,165   60,863  60,863
from operating activities
                                                                    
Returns on                                                        
  investments and servicing
  of finance

Interest received                  2,412    2,412      782     782
Interest paid -                                                   
  existing pubs                 (13,710)  (13,710)   (12,117) (12,117)
                                                
Interest paid and                                                 
capitalised into new pubs        (3,921)              (2,548)
  into new pubs 
                                         
Net cash outflow              
  from returns on investment
  and servicing of finance      (15,219)             (13,883)       
                                                                  
Taxation
Advance corporation                    -                (636)        
tax paid
Corporation tax                  (1,100)                 -        
paid
                                 (1,100)  (1,100)    (636)   (636)

Capital expenditure                                               
Purchase of tangible            (14,471)  (14,471) (8,804) (8,804)
 fixed assets for existing                                          
 pubs

Proceeds of sale of                                               
tangible fixed assets             4,277            76,526
  
Investment in new              (136,612)         (106,390)        
  pubs and pub                                            
  extensions
Net cash outflow from          (146,806)          (38,668)        
  capital expenditures                                    
                                                                  
Equity dividends paid            (3,785)  (3,785)  (3,037)  (3,037)
                                                                  
Net cash                                                  
  (outflow)/inflow              (90,745)            4,639
  before financing
                                                                  
Financing
Issue of ordinary shares          46,566              973        

Advances under bank loans        124,353           50,000        

Advances under US                                                
senior notes                      86,815                -
  
Repayments of                                                     
secured bank loans              (187,882)          (5,784)
                                     
Net cash inflow                                                   
  from financing                  69,852            45,189
                                                                    
(Decrease)/increase  9          (20,893)            49,828        
  in cash
                                                                  
Free cash flow       7                     45,511           37,051
                     7                                   
Cash flow per                               22.3p            18.8p
  ordinary share


Balance sheet
at 30 July 2000


                            Notes         2000      1999
                                          £000      £000
                                                        
Fixed assets                                            
Tangible assets             11        504,996    370,148
                                                        
Current assets                                          
Investments                               100        253
Stocks                                  4,686      3,845
Debtors due within one year             7,378     11,472
Debtors due after more than                             
  one year                              5,588      5,588
Cash                                   41,685     62,578

                                       59,437     83,736
Creditors due within one                                
  year                      12       (67,936)   (67,296)
Net current                                             
  (liabilities)/assets                (8,499)     16,440
Total assets less current                               
  liabilities                         496,497    386,588
Creditors due after                                     
  one year                  13      (213,979)  (180,592)
Total net assets                     282,518    205,996
                                                        
Capital and reserves
Called up share capital                 4,198      3,962
Share premium account                 113,081     65,463
Revaluation reserve                    24,494     25,166
Profit and loss account               140,745    111,405
Equity shareholders' funds  14        282,518    205,996







Tim Martin
Jim Clarke
Directors
Notes

1    These preliminary statements do not constitute statutory accounts
     within the meaning of Section 240 of the Companies Act 1985.  They
     have, however, been extracted from the statutory accounts for the
     periods ending 30 July 2000 and 1 August 1999 on which unqualified
     reports were made by the company's auditors.

     The 1999 statutory accounts have been filed with the Registrar of
     Companies. The 2000 statutory accounts will be sent to shareholders
     on 2 October 2000 and will be filed with the Registrar of Companies
     following their adoption at the forthcoming Annual General Meeting.

2  Analysis of continuing operations
                                      Before  Exceptional       After
                                 Exceptional              Exceptional
                                       Items       Items        Items
                           2000         1999                     1999
                                                  
                           £000         £000       £000          £000
                                                                     
Turnover                369,628      269,699           -      269,699
Cost of sales          (303,357)    (219,035)          -     (219,035)
Gross profit             66,271       50,664           -       50,664
Administrative          (19,993)     (14,438)       (837)     (15,275)
expenses
Operating profit         46,278       36,226        (837)      35,389

Cost of sales includes distribution costs and all pub operating costs.

3 Exceptional items
                                              2000       1999
                                              £000       £000
                                                        
Charged against operating                               
profit:                                                 
Additional costs relating to a                   -       (837)
  review of capitalised
  expenditure on unopened
  properties

Non-operating items:                             -     22,625
Net profit on disposal of
  trading properties, other
  properties and fixed asset
  investments
                                                 -     21,788


4  Net interest payable
                                             2000        1999
                                             £000        £000
                                                             
Interest payable on bank loans                               
  and overdraft                            11,767      14,358
Interest payable on US notes                5,526           -
Less:                                                        
Interest capitalised                       (3,846)     (3,282)
Interest receivable                        (3,221)     (1,064)
Charge to profit and loss account          10,226      10,012

5  Taxation

Current tax                                  2000        1999
                                             £000        £000
UK Corporation tax on profits for                            
  the year at 30% (1999: 31%)               2,342       1,802
Adjustments in respect of                                    
  prior periods                              (66)       (299)
Advance Corporation tax                     (491)       (752)
                                                             
                                            1,785         751

At the balance sheet date, advance corporation tax of £2.6 million (1999:
£3.1 million) remained available for offset against future mainstream
corporation tax liabilities.

Deferred tax
On a full provision basis, the maximum potential liability to deferred
tax (excluding property gains) would be
£33.3 million (1999: £26.1 million), representing accelerated capital
allowances and pre-opening costs of £35.9 million (1999: £29.2 million)
offset by surplus ACT of £2.6 million (1999: £3.1 million). Based on the
company's investment plans, no liability to deferred tax would arise in
the ordinary course of the company's business.

No provision has been made for tax on any gains which might arise in the
event of properties being sold at their revalued amounts, as the proceeds
from any such disposal would be used to fund the continuing expansion
programme, and would therefore attract roll-over relief.

6  Dividends
                                             2000        1999
                                             £000        £000
                                                             
Interim paid of 0.91p per share                              
 (1999: 0.83p)                              1,904       1,639
Final proposed of 1.76p per share                            
(1999: 1.60p)                               3,695       3,170

                                            5,599       4,809


7  Earnings and cash flow per share
The calculation of basic earnings per share is based on profits on
ordinary activities after taxation for the period of £34,267,000 (1999:
£25,463,000 before exceptional items, £47,251,000 after exceptional
items) and on 204,035,428 ordinary shares (1999: 197,270,170), being the
weighted average number of ordinary shares in issue and ranking for
dividend during the period.

Fully diluted earnings per share has been calculated in accordance with
FRS14 and is after allowing for the dilutive effect of the conversion
into ordinary shares of the weighted average number of options
outstanding during the period.  The number of shares used for the fully
diluted calculation is 208,311,375 (1999: 198,829,600).

The calculation of cash flow per share is based on the net cash generated
by business activities and available for investment in new pub
developments and extensions to existing pubs, after funding interest on
existing pubs, tax and dividend payments and all other reinvestment in
pubs open at the start of the period ('free cash flow'). It is calculated
before taking account of proceeds from property disposals and inflows and
outflows of financing from outside sources and is based on the same
number of shares in issue as for the calculation of basic earnings per
share.

8  Net cash inflow from operating activities
                                               2000       1999
                                               £000       £000
                                                              
Operating profit before                                       
  exceptional items                          46,278     36,226
Depreciation of tangible                                      
  fixed assets                               20,946     15,771
Change in stocks                               (841)      (650)
Change in debtors                               779      1,102
Change in creditors                           9,003      8,414
                                             76,165     60,863

9 Reconciliation of net cash flow to movement in net debt

                                               2000       1999
                                               £000       £000
                                                              
(Decrease)/increase  in cash                                  
   in the year                             (20,893)    49,828
Cash inflow from increase in                                  
  debt financing                           (23,286)   (44,216)
Movement in net debt during                                   
  the period                               (44,179)     5,612
Net debt at 1 August 1999                 (125,304)  (130,916)
Net debt at 30 July 2000                  (169,483)  (125,304)


10 Analysis of net debt

                                  1999  Cash flow        2000
                                  £000       £000        £000
                                                             
Cash at bank and in hand        62,578   (20,893)      41,685
Debt due within one year      (10,819)    10,819           -
Debt due after one year      (177,063)   (34,105)   (211,168)
                                                             
Net Debt                     (125,304)   (44,179)   (169,483)

11  Tangible fixed assets

                 Freehold      Short  Equipment  Expenditure  Total
                     land   leasehold  fixtures  on unopened              
                      and    land and       and  properties      
                buildings   buildings  fittings   
                     £000        £000      £000       £000    £000            

Cost or                                                         
valuation
At 2 August 1999   94,276    196,546     79,127     42,430  412,379
Reclassification   19,154      6,637      6,501   (32,292)        -
Additions          58,218     27,960     31,160     38,456  155,794
At 30 July 2000   171,648    231,143    116,788     48,594  568,173

Depreciation                                                    
At 2 August 1999    1,793     12,980     27,458          -   42,231
Reclassification        0      (402)        402          -        -
Charge for the year 2,195      5,278     13,473          -   20,946
At 30 July 2000     3,988     17,856     41,333          -   63,177

Net book value                                                  
At 30 July 2000   167,660    213,287     75,455     48,594  504,996
At 1 August 1999   92,483    183,566     51,669     42,430  370,148

12  Creditors due within one year
                                              2000       1999
                                              £000       £000
                                                             
Bank loans                                       -     10,819
Trade creditors                             40,420     30,477
Corporation tax                              1,651        966
Other tax and social security                4,829      5,594
Other creditors                              3,848      3,226
Dividend payable                             3,695      3,170
Accruals and deferred income                13,493     13,044
                                            67,936     67,296


13 Creditors due after one year
                                              2000       1999
                                              £000       £000
                                                             
Bank loans repayable by instalments        124,353    177,063
US senior notes due 2009                    86,815          -
                                           211,168    177,063
Other creditors                              2,811      3,529
                                           213,979    180,592



14   Capital, reserves and shareholders' funds

                 Called  Share  Revaluation Profit 2000          1999
                     up premium reserve     and    Shareholders' Shareholders'
                  share account             loss     
                capital
                   £000    £000 £000        £000   £000        £000
                                                                  
At start of year  3,962  65,463  25,166  111,405   205,996    159,192
                                   
Allotments          236  47,618                     47,854      2,424
Revaluation                                             -       1,938
Transfer                           (672)     672        -        -
Profit for the year                       34,267    34,267     47,251
year
Dividends                                 (5,599)   (5,599)    (4,809)
                                              
At end of year    4,198 113,081  24,494  140,745   282,518    205,996
                                             


15. Dividends

The Directors are recommending a final dividend of 1.76p net per share
payable on 30 November 2000 to shareholders on the register at the close
of business on 29 September 2000. In respect of the scrip dividend
alternative, the final date for election is 20 October 2000.