Slide 1: Preliminary Results
The Lion and the Unicorn pavilion – circa.1950 The Lion and the Unicorn, Waterloo station - 2024 PRELIMINARY RESULTS 4 October 2024
Slide 2: The Albany Palace, Trowbridge
The Albany Palace, Trowbridge
Slide 3: Financial Summary
Financial Summary 2024 2023 Var% 20222 20213 2020 2019 2018 20172 2016 2015 Revenue 2,035.5 1,925.0 +5.7% 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 +7.6% +12.7% -4.7% -38.4% -29.5% +6.8% +5.0% +4.0% +3.4% +3.3% (vs 2022) (vs 2019) Profit/(loss) bef
Slide 4: Average Weekly Sales Per Pub (including VAT)
Average Weekly Sales Per Pub (including VAT) £000 58.1 60 58 56 53.0 54 52 48.0 50 46.5 48 45.3 44.4 46 44 41.7 42 39.0 40 37.4 38 34.1 36 34 32 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Financial years 2020, 2021 and 2022 were impacted by a VAT reduction during the COVID-19 pandemic (15 J
Slide 5: Underlying earnings/(losses) Per Share (pence)
Underlying earnings/(losses) Per Share (pence)1,2 pence 76.5 70.2 80 66.6 70 46.8 60 47.6 43.8 50 40 24.7 30 20 10 0 -10 -20 -21.3 -30 -40 -35.9 -50 -60 -70 -80 -90 -100 -110 -120 -119.1 -130 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 Underlying earnings/(losses) per share are before separa
Slide 6: Like-for-like Performance
Like-for-like Performance % 2024 2023 20222,3 2021 2020 2019 2018 20172 2016 2015 Bar +8.9 +9.0 -6.5 -42.2 -29.3 +5.8 +5.1 +3.1 +3.3 +1.2 Food +5.6 +17.7 -3.2 -37.4 -30.1 +8.3 +5.1 +5.7 +3.5 +7.3 Fruit/slot machines +10.8 +26.4 +12.3 -52.1 -20.9 +10.3 +2.9 -1.2 -2.8 -2.8 Hotel +2.7 +11.8 +6.5 -27.1
Slide 7: 10 Year Operating Profit
10 Year Operating Profit £ million 2024 20232,3 20221,2 20212 2020 2019 2018 20171 2016 2015 Turnover 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) 421.8 370.2 295.8 131.5 214.2 349.7 338.6 330.6 288.3 285.4 Repairs (114.3) (94.0) (100.7) (63.
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 £13m £7m £14m Share buybacks £5m £5m £22m £16m £13m £7m Capex on new and £36m £89m £13m existing pubs £6m £98m £52m £22m £3m £77m £54m £40m £26m £28m £6m £5m
Slide 9: Cash Capital Expenditure
Cash Capital Expenditure 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 £ million New Openings - Acquisition and development costs: Current year 8.5 10.0 26.2 11.5 18.6 19.8 32.0 27.2 38.6 76.5 Future year 3.5 10.4 24.9 9.6 31.8 7.5 14.4 13.1 16.6 30.5 Freehold reversions and investment propertie
Slide 10: Free cash flow
Free cash flow Adjusted free cash flow: • Exclude swap sale proceeds • ‘Normal’ reinvestment 3% of sales • Exclude working capital impact • Exclude loan issue costs 9
Slide 11: Movement in Net Debt
Movement in Net Debt £ million 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Opening Net debt 641.8 891.6 845.5 817.0 737.0 726.2 696.3 650.8 601.1 556.6 Free cash flow (33.0) (271.1) (21.9) 83.3 58.9 (97.0) (93.4) (107.9) (90.5) (109.8) Disposal of fixed assets (17.9) (11.3) (10.5) (2.6) (4.8)
Slide 12: 10 Year Debt Overview
10 Year Debt Overview £ million 2024 2023 2022 20211 2020 2019 2018 2017 2016 2015 Net Debt 660 642 892 846 817 737 726 696 651 601 Trade and other payables 296 329 282 260 255 308 291 314 267 283 Net Debt + Trade and other 956 971 1,174 1,105 1,072 1,045 1,017 1,010 918 884 payables 2024 2023 2022
Slide 13: Property Update
Property Update 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Trading pubs at start of year 825 852 861 872 879 883 895 926 951 927 Freehold pubs opened – – 7 4 2 4 6 9 10 24 Leasehold pubs opened 2 3 – 1 – 1 – 1 6 6 Sold or closed pubs (27) (30) (16) (16) (9) (9) (18) (41) (41) (6) Total tradin
Slide 14: People
People 42,3001 employees, 24,510 of which are shareholders. The Company paid £49.0 million in bonuses and free shares during the period, of which 96.5% paid to staff below board level and Recognised as a Top Employer United Kingdom 2024 – it is the 19th time that Wetherspoon 86.3% to pub staff has b
Slide 15: Standards
Standards • Average food hygiene score of 4.99 out of 5 across 735 pubs (not including Scotland). Only 3 pubs have less than 5 stars1 • 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 Association
Slide 16: CGA Brandtrack research – August 2024
CGA Brandtrack research – August 2024 JD Wetherspoon's domination over the licenced market has increased in the last 6 months with almost double the number of visitors than the leading competitor Consumers visited Q2 Change in customers Top 6 licensed brands in GB 2024 compared to Q4 2023. JD Wether
Slide 17: CGA Brandtrack research – August 2024
CGA Brandtrack research – August 2024 JDW is also the most well-known licensed brand, and boast a huge 56% conversion rate between consumers aware of them and consumers that visit Conversion Awareness Usage rate Greene King 61% 24% 39% Nando’s 81% 24% 30% 47% Usage Toby Carvery 74% 22% 29% 56.0% Con
Slide 18: 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 19: ESG (Environmental, social and governance)
ESG (Environmental, social and governance)) Wetherspoon is committed to operating ethically and sustainably Energy Financial contributions • Electricity and gas smart Meters installed in the majority of pubs. We’re aiming In the year the company has paid £11.0m for all pubs by the end of 2024. in en
Slide 20: Changing sales mix since 2000
Changing sales mix since 2000 60,000.00 £58,100 4% 50,000.00 £46,500 Average weekly sales per pub including VAT (£) 4% 38% 40,000.00 £37,400 Other 4% 36% Food £30,100 Bar £26,200 30,000.00 5% 37% 6% £22,700 29% 25% 6% 20,000.00 18% 57% 60% 59% 10,000.00 70% 66% 76% - 1 2000 2005 2010 2015 2020 2024
Slide 21: Taxation: £6.2bn of tax contributions in the last 10 years
TAXATION £6.2 bn of tax contributions in the last 10 years1 TOTAL 2024 2023 2022 20212 2020 2019 2018 2017 2016 2015 2015 to 2024 £m £m £m £m £m £m £m £m £m £m £m VAT 394.7 372.3 287.7 93.8 244.3 357.9 332.8 323.4 311.7 294.4 3,013.0 Alcohol duty 163.7 166.1 158.6 70.6 124.2 174.4 175.9 167.2 164.4
Slide 22: Bar sales in context
Bar sales in context • Early 1980s: on-trade 90% of beer sales. Today 40%; • Pepsi is number 1 draught product; • Hot beverage volumes are double those of Pepsi; • 34 million breakfasts sold in FY24; • Food has grown from 18% of sales in 2000 (£4k per pub per week) to 38% of sales today (£22k per pu
Slide 23: Current Trading and Outlook
Current Trading and Outlook • Like-for-like sales in the first nine weeks of the current financial year were 4.9% higher than the same weeks in FY24; • Prospects continue to improve: – Positive sales momentum – Good profit growth year-on-year – The company owns 72% of its pubs – Underlying free cash
Slide 24: Questions
Questions eRe
Slide 25: Appendices
Appendices Talk of the Town, Paignton
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 £ million Turnover Number of pubs 1000 2,000 950 1,800 900 1,600 850 1,400 2,036 800 951 1,925 926 1,200 1,819 1,740 750 895 1,661 1,694 883 879 872 861 1,514 1,595 852 825 1,000 700 800 1,262 650 800 773 600 600 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016
Slide 28: Summary of separately disclosed items
Appendix B Summary of separately disclosed items 2024 2023 £000 £000 Operating separately disclosed items Local government support grants (14) (54) Depreciation overcharge on impaired assets (4,139) - Other operating costs 1,059 1,076 Separately disclosed operating costs (3,094) 1,022 Disposal of pu
Slide 29: ROC/CROCCE/ROE
Appendix C1 ROC/CROCCE/ROE 2024 2023 £000 £000 Shareholders equity per accounts 394,027 399,458 Deferred tax balances (65,088) (65,752) Interest rate swaps valuations (4,774) 11,866 Impairment balances1 130,005 110,907 Net book value of revalued assets (2,738) (2,960) Adjusted shareholders equity (a
Slide 30: ROC/CROCCE/ROE
Appendix C2 ROC/CROCCE/ROE 20241 20231 £000 £000 EBITDA (cash return) (e) 245,937 218,887 Depreciation and amortisation (f) (106,436) (109,594) EBIT (g) 139,501 109,293 Interest (65,627) (66,734) Profit before tax 73,874 42,559 Current tax (h) (2,901) - Profit after cash tax (i) 70,973 42,559 Deferr
Slide 31: Notes
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Slide 32: Notes
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Slide 33: Scan to find out more
WETHERSPOON On, you didn’t UKEDITION