Business
FY18 Q1 Trading Update
FY18 Q1 Trading Update.
About this update from J D Wetherspoon Plc
[{"type":"text","content":"\n \nRNS Number : 8513V Wetherspoon (JD) PLC 08 November 2017 \n\n \n8 November 2017 \nJ D WETHERSPOON PLC\nQ1 Trading Update\n \n \nJ D Wetherspoon plc ('Wetherspoon' or 'the Company') presents below its Q1 trading update for the 13-week period up to 29 October 2017.\n \n \nCurrent trading \n \nFor the 13 weeks to 29 October 2017, like-for-like sales increased by 6.1% and total sales by 4.3%.\n \nThe underlying operating margin, excluding property gains, was 8.6%, although one-off items increased that number in the quarter. Our expectations for the full year operating margin are unchanged.\n \n \nProperty\n \nThe Company has opened two new pubs since the start of the financial year and has sold six. We intend to open between 10 and 15 pubs in the current financial year.\n \n \nFinancial position\n \nThe Company remains in a sound financial position. As previously indicated, the long-term aim of the Company is for debt to ebitda to be in the range of zero to two times. With very low interest rates, we are comfortable with recent levels of about 3.5 times, which are modest in comparison with our main competitors, and are regularly reviewed.\n \n \nOutlook\n \nThe chairman of Wetherspoon, Tim Martin, said:\n \n\"A key issue for investors and the public is the impact of Brexit on the economy. In this connection, statements have been made by some senior PLC directors and trade organisations which are factually incorrect and highly misleading. Unsurprisingly, the misinformation has been adopted by many among the media, investors and the public, as if it were true.\n \n\"For example (Appendix 1 below), the chairman of Sainsbury's, David Tyler, was recently quoted in the Sunday Times in an article headed \"Sainsbury's warns of 'no deal' Brexit cost\". The clear implication of the chairman's words and the conclusion of the article were that a deal with the EU was necessary to avoid higher food prices. \n \n\"In fact, that is completely untrue. The lowest food prices can be obtained by the UK, without the need for the agreement or consent of any third party, by avoiding a 'transitional deal', which would keep EU tariffs in place, and leaving the EU in March 2019. This would enable the UK to scrap EU food tariffs, as permitted ...