Pre-Close Statement

RNS Number : 3027P

Wetherspoon (JD) PLC

14 July 2010

 



JD WETHERSPOON PLC

PRE-CLOSE STATEMENT 

JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces its pre-close statement prior to the end of the current financial year on 25^th July 2010.

Current Trading

For the 11 weeks to 11^th July 2010, like-for-like sales increased by 1.0%. Total Company sales over the same period increased by 5.8%.  In the financial year-to-date (50 weeks to 11^th July 2010), like-for-like sales increased by 0.1% and overall Company sales increased by 4.4%.

We anticipate reporting operating margins (before exceptionals) for the second half of this financial year of approximately 10.0%.

Property

The financial year-to-date has seen 41 openings and 2 disposals, with a further 6 openings expected by the financial year end.  

Financial position

The Company is in a sound financial position, with net debt to EBITDA currently at approximately 2.8 times. Free cashflow in the year-to-date has been strong, enabling us to open 47 new pubs and pay a dividend of £26.2 million, while maintaining net debt levels which are similar to the prior year.

Outlook

Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs is encouraging. In addition, as previously indicated, we continue to believe there are substantial opportunities for us to acquire sites at reasonable prices.

Although our interest charges next year will be higher and the economy has taxation and employment pressures, the Company is confident of a resilient performance for the next financial year.

.

 

Enquiries:

Keith Down	Finance Director	01923 477777
Eddie Gershon	Company Spokesman	0208 352 5012 / 07956 392234

Notes to editors

1.   JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed and the Company aims to maintain them in excellent condition.

2.   Visit our website at www.jdwetherspoon.co.uk.

3.   This announcement has been prepared solely to provide additional information to the shareholders of JD Wetherspoon, in order to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks. This announcement is based on information sourced from unaudited management accounts and excludes any exceptional items.

4.  The next trading update is scheduled to be the Company's preliminary results announcement, to be issued on 10^th September 2010.

 

END

 

 

TSTEAXXDFFKEEFF