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| Wetherspoons warns over labour costs | Wetherspoons warns over labour costs |
| (about 1 hour later) | |
| JD Wetherspoon has warned that pre-tax profits for the first half of its financial year will be down on 2018. | JD Wetherspoon has warned that pre-tax profits for the first half of its financial year will be down on 2018. |
| The pub chain blamed a £30m rise in labour costs, along with the rising cost of interest payments, utility bills, repairs and depreciation. | The pub chain blamed a £30m rise in labour costs, along with the rising cost of interest payments, utility bills, repairs and depreciation. |
| But company chairman Tim Martin said full-year profits would be in line with current expectations. | But company chairman Tim Martin said full-year profits would be in line with current expectations. |
| Like-for-like sales, which take out the effect of new pubs, rose 7.2% in the first 12 weeks of the second quarter. | Like-for-like sales, which take out the effect of new pubs, rose 7.2% in the first 12 weeks of the second quarter. |
| Mr Martin said in the 12 weeks to 20 January sales growth had been strong. However, he added: "Costs, as previously indicated, are considerably higher than the previous year, especially labour, which has increased by about £30m." | Mr Martin said in the 12 weeks to 20 January sales growth had been strong. However, he added: "Costs, as previously indicated, are considerably higher than the previous year, especially labour, which has increased by about £30m." |
| Mr Martin told the BBC in September that its food and drinks would become pricier. | Mr Martin told the BBC in September that its food and drinks would become pricier. |
| He also used the latest trading update to reiterate his views on Brexit. | He also used the latest trading update to reiterate his views on Brexit. |
| Mr Martin argues that no deal with the European Union would leave the UK better off, as tariffs would be reduced on imports from outside the European Union. | Mr Martin argues that no deal with the European Union would leave the UK better off, as tariffs would be reduced on imports from outside the European Union. |
| A no-deal scenario would also save the £39bn break-up payment due to the European Union, he said. | A no-deal scenario would also save the £39bn break-up payment due to the European Union, he said. |
| Wetherspoons is replacing champagne and prosecco with non-European Union sparkling wines. | Wetherspoons is replacing champagne and prosecco with non-European Union sparkling wines. |
| There has also been a switch in the beers available. Wheat beer and alcohol-free beer from the UK are replacing beers brewed in Germany. |