J D Wetherspoon Plc · LSE:JDW
J D Wetherspoon — H1 2025 Earnings Presentation
31 slides from J D Wetherspoon's earnings presentation, Mar 21, 2025
Slide 1: Interim Results
The Grand Assembly, Marlow INTERIM RESULTS 21 March 2025
Slide 2: 1
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Slide 3: Financial Summary
Financial Summary H1 H1 Var% 2024 2023 20222 20213 2020 2019 2018 20172 2016 2015 2025 2024 Revenue 1,029.5 991.0 3.9% 2,035.5 1,925.0 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 (£ million) Like-for-like sales 4.8% +9.9% +7.6% +12.7% -4.7% -38.4% -29.5% +6.8% +5.0% +4.0% +3.4% +3.
Slide 4: Average Weekly Sales Per Pub (inc VAT)
Average Weekly Sales Per Pub (inc VAT) £000 59.8 58.1 60 56.2 58 56 53.0 54 52 48.0 50 46.5 48 45.3 44.4 46 41.7 44 42 39.0 40 37.4 38 34.1 36 34 32 30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 H1 2024 2025 - Financial years 2020, 2021 and 2022 were impacted from a VAT reduction during th
Slide 5: Underlying earnings per share (pence)
Underlying earnings per share (pence)1,2 pence 76.5 90 66.6 70.2 70 47.6 46.8 43.8 50 24.7 19.5 20.6 30 10 -10 -30 -21.3 -35.9 -50 -70 -90 -110 -119.1 -130 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 H1 2024 2025 1 Underlying earnings/(losses) per share are before separately disclosed items
Slide 6: Like-for-like Performance
Like-for-like Performance % H1 2025 H1 2024 2024 2023 20222,3 2021 2020 2019 2018 2017 2016 2015 Bar +4.3 +11.6 +8.9 +9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 +1.2 Food +5.4 +7.6 +5.6 +17.7 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 +7.3 Fruit/slot +12.4 +10.5 +10.8 +26.4 +12.3 -52.1 -20.9 +10.3 +2.9 -1.2
Slide 7: 10 Year Operating Profit
10 Year Operating Profit £ million H1 2025 H1 2024 20242 20232 20221,2 20212 2020 2019 2018 20171 2016 2015 Turnover 1,029.5 991.0 2,035.5 1,925.0 1,740.5 772.6 1,262.0 1,818.8 1,693.8 1,660.8 1,595.2 1,513.9 Pub profit (pre repairs) 206.8 206.2 421.8 370.2 295.8 131.5 214.2 349.7 338.6 330.6 288.3
Slide 8: Allocation of Resources
Allocation of Resources Dividend Reinvestment in business and IT projects £13m £14m Freehold reversions and investment properties £8m £1m £15m Share buybacks £13m £14m £7m £5m £5m Capex on new and existing pubs £22m £16m £13m £89m £7m £36m £6m £13m £98m £52m £22m £3m £77m £54m £40m £26m £28m £6m £1m
Slide 9: Cash Capital Expenditure
Cash Capital Expenditure H1 H1 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 £ million 2025 2024 New Openings: Acquisition and development costs: Current year 7.1 3.1 8.5 10.0 26.2 11.5 18.6 19.8 32.0 27.2 38.6 76.5 Future year 3.3 7.4 3.5 10.4 24.9 9.6 31.8 7.5 14.4 13.1 16.6 30.5 Freehold reve
Slide 10: Movement in Net Debt
Movement in Net Debt 2 £ million H1 2025 H1 2024 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Opening Net debt 660.0 641.9 641.9 891.6 845.5 817.0 737.0 726.2 696.3 650.8 601.1 556.6 Free cash flow 0.5 6.1 -33.0 -271.1 -21.9 83.3 58.9 -97.0 -93.4 -107.9 -90.5 -109.8 Disposal of fixed assets -5.
Slide 11: 10 Year Debt Overview
10 Year Debt Overview 3,4 3 4 1 £ million H1 2025 H1 2024 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net Debt 703 694 660 642 892 846 817 737 726 696 651 601 Trade and other payables 300 281 296 329 282 260 255 308 291 314 267 283 Net Debt + Trade and other payables 1,003 975 956 971 1,174 1,
Slide 12: Property Update
Property Update H1 2025 H1 2024 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Trading pubs at start of year 800 825 825 852 861 872 879 883 895 926 951 927 Freehold pubs opened 1 – – – 7 4 2 4 6 9 10 24 Leasehold pubs opened 1 2 2 3 – 1 – 1 – 1 6 6 Sold or closed pubs (6) (13) (27) (30) (16) (16
Slide 13: People
People 42,0101 employees, 23,507 of which are shareholders. The Company paid £20.4 million in bonuses and free shares during the period, of which 97.9% paid to staff Recognised as a Top Employer United Kingdom 2025 – it is the 20th time that below board level and 86.3% to pub staff Wetherspoon has b
Slide 14: Standards
Standards • Average food hygiene score of 4.99 out of 5 across 734 pubs (not including Scotland). All but 6 pubs have a maximum score1 • In Scotland, all of the assessed pubs have achieved the maximum score for food hygiene • Awarded the highest 3 star rating by the Sustainable Restaurant Associatio
Slide 15: CGA Brandtrack research
CGA Brandtrack research Continues to rank as the most visited licensed brand. Top 6 licenced brands in GB Visits in H2 of 2024 Change vs H1 JD Wetherspoon 22.4 million +0.4% Greene King 12.1 million +6.1% Nando's 11.2 million -5.1% Toby Carvery 10.3 million No change Pizza Express 9.8 million +6.5%
Slide 16: CGA Brandtrack research
CGA Brandtrack research All GB Brands The licensed market. JDW remains the 4th most used brand in GB, and the only JDW has the highest conversion rate from ‘awareness’ to licensed brand to feature in the top 8 ‘usage’ in the licensed market Conversion Conversion Awareness Usage Awareness Usage rate
Slide 17: ESG (Environmental, social and governance)
ESG (Environmental, social and governance)) Wetherspoon is committed to operating ethically and sustainably Social Recycling • Wetherspoon has been the biggest Our national distribution centre in Daventry corporate sponsor of ‘Young Lives vs includes a 24-hour recycling centre. Cancer’ (previously C
Slide 18: ESG (Environmental, social and governance)
ESG (Environmental, social and governance)) Wetherspoon is committed to operating ethically and sustainably Energy Financial contributions • Majority of pubs now have an automated meter reader (AMR) In the period the company has paid £8.6m installed for electricity supply; in environmental taxes • W
Slide 19: Changing sales mix since 2000
Changing sales mix since 2000 £59,845 60,000 5% 50,000 £46,500 Average weekly sales per pub including VAT (£) 4% 38% 40,000 £37,400 Other 4% 36% Food £30,100 £26,200 Bar 30,000 5% 37% 6% £22,700 29% 25% 6% 20,000 18% 57% 60% 59% 10,000 70% 66% 76% - 2000 2005 2010 2015 20201 H1 2025 18 1 FY 2020 was
Slide 20: Taxation: £6.6 bn of tax contributions in the last 10.5 years
Taxation £6.6 bn of tax contributions in the last 10.5 years1 TOTAL H1 2025 2024 2023 2022 20212 2020 2019 2018 2017 2016 2015 2015 to H1 2025 £m £m £m £m £m £m £m £m £m £m £m £m VAT 199.2 394.7 372.3 287.7 93.8 244.3 357.9 332.8 323.4 311.7 294.4 3,212.2 Alcohol duty 81.7 163.7 166.1 158.6 70.6 124
Slide 21: Sales in context
Sales in context • On-trade beer volumes have reduced by 52% between 2000 and 2023; • The number of UK pubs has reduced by 30% since 1990; • Pepsi is the companies number one draught product; • Hot Beverage volumes are approximately double those of Pepsi; The Windmill, Stansted • 18 million breakfas
Slide 22: What's next?
What’s next? Next 18 months Location Timeline Location Timeline Edinburgh Spring 2025 Farnham Autumn 2025 Fulham Summer 2025 Basildon Autumn 2025 NEW PUBS Paddington Summer 2025 Beaconsfield Autumn 2025 Whiteley, Fareham Summer 2025 Heathrow Airport Autumn 2025 Kenilworth Summer 2025 Wetherby Winter
Slide 23: Current Trading and Outlook
Current Trading and Outlook • Like-for-like sales in the last seven weeks (to 16 March 2025) were 5.0% higher than the same weeks in FY24; – Over £1 billion of sales in H1; – Average sales per pub per week £60k; – The company owns 72% of its pubs; – 10 new pubs in H2 (5 x company owned and 5 x franc
Slide 24: Questions
Questions 23
Slide 25: Appendices
Appendices 24 The Lion and the Unicorn, Waterloo
Slide 26: Appendices
Appendices • A 10 year overview • B Summary of separately disclosed items • C1 ROC/CROCCE/ROE calculations • C2 ROC/CROCCE/ROE calculations 25
Slide 27: 10 Year Overview
Appendix A 10 Year Overview Number of pubs £ million Turnover 1000 2,000 950 1,800 900 1,600 850 1,400 800 1,925 2,036 926 1,200 1,819 1,740 895 1,595 1,661 1,694 750 883 879 872 861 852 826 814 796 1,000 700 800 1,262 991 1,030 650 800 773 600 600 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 H1
Slide 28: Summary of separately disclosed items
Appendix B Summary of separately disclosed items HY 2025 HY 2024 2024 £000 £000 £000 Local government support grants - (14) (14) Depreciation overcharge on impaired assets 968 (4,139) (4,139) Other operating (income)/costs 838 (203) 1,059 Separately disclosed operating (income)/costs 1,806 (4,356) (
Slide 29: ROC/CROCCE/ROE
Appendix C1 ROC/CROCCE/ROE H1 2025 H1 2024 2024 £000 £000 £000 Shareholders equity per accounts 392,337 369,318 394,027 Deferred tax balances 56,660 64,359 65,088 Interest rate swaps valuations 653 9,115 4,774 Impairment balances1 128,670 120,172 130,005 Net book value of revalued assets (2,543) (2,
Slide 30: ROC/CROCCE/ROE
Appendix C2 ROC/CROCCE/ROE H1 2025 H1 2024 2024 £000 £000 £000 EBITDA (cash return) (e) 244,257 247,716 245,937 Depreciation and amortisation (f) (107,698) (108,562) (106,436) EBIT (g) 136,559 139,154 139,501 Interest (65,849) (65,125) (65,627) Profit before tax 70,710 74,029 73,874 Current tax (h)
Slide 31: Wetherspoon hotels
wetherspoon wetherspoon hotels England © Aldershot @ Kingston UponHull The Queen Hotel The Admiral of the Humber © Andover The John Russell Fox: © Barrow-in-Furness @ March Ss Railway The Hippodrame © Beccles * @ Minehead ° he Kings Head Hotel he Duke of Wellington Saxon Crown (Carby, England) Over