Pubs chain JD Wetherspoon has posted a 10% rise in annual profits to £81.4 million and revenue up 4.5% to £2.13bn, but has warned of the impact of tax on the business.
Like-for-like sales in the first nine weeks of the new financial year are up by 3.2%.
Founder and chairman Tim Martin said he expects a “reasonable outcome” for the current period but that government-led cost increases in areas such as energy may have a bearing on the result.
He added: “In the last financial year, Wetherspoon, its customers and employees generated a total of £838 million of taxes for the UK government. The total tax raised by the government in the last financial year was £858.9 billion.
“Therefore, Wetherspoon generated approximately £1 in every £1,000 of all UK tax revenue. In other words, the country only needs about one thousand companies like Wetherspoon and no one else would have to pay any taxes at all.
“Wetherspoon is confident that it will provide more tax revenue for the government in the current financial year, while aspiring to increase earnings per share at the same time.”
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