JD Wetherspoon’s chairman Tim Martin on Friday took another swipe at the Government’s handling of Brexit, as his pubs firm reported a plunge in profits.
The firm, which has 879 venues, said pre-tax profits fell 19% to £50.3 million in the 26 weeks to January 27. It was hit by higher wage and business rates costs, and warned that costs will also be up in the second half.
But investors focused on strength in like-for-like sales — up 6.3% in the first half, and 9.6% in the six weeks to March 10.
Shares rose 19p to 1311p.
Martin used the update to fire more salvos at Brexit. “Previous referendum results… have always been respected in the UK, but if Parliament votes either for Theresa May’s ‘deal’ (which keeps us in the EU by the back door) or to remain in the EU, the referendum result will not have been respected.”
He told the Standard: “I think a no-deal is much better. We can end tariffs and save £39 billion [in divorce costs].”
On corporate governance rules, which encourage chairmen to step down after nine years, Martin, who has chaired JD Wetherspoon for 36 years, said that “experience counts” in business.
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