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| JD Wetherspoon makes record profits and plans to open another 30 pubs | JD Wetherspoon makes record profits and plans to open another 30 pubs |
| (4 days later) | |
| The pub chain JD Wetherspoon has notched up another year of record profits and sales but says it does not expect much help from the economy as customers remain under pressure. | The pub chain JD Wetherspoon has notched up another year of record profits and sales but says it does not expect much help from the economy as customers remain under pressure. |
| The chairman and founder, Tim Martin, said that while Britain had narrowly avoided economic "Armageddon", it would be a "long, slow haul" to recovery, giving little cause for celebration to its cautious customers. | The chairman and founder, Tim Martin, said that while Britain had narrowly avoided economic "Armageddon", it would be a "long, slow haul" to recovery, giving little cause for celebration to its cautious customers. |
| The chain of almost 900 pubs said growth was likely to remain subdued for the year ahead, after a recent slowdown in like-for-like sales growth to 2.5%. | The chain of almost 900 pubs said growth was likely to remain subdued for the year ahead, after a recent slowdown in like-for-like sales growth to 2.5%. |
| In the year to August there was a near-11%surge in like-for-like food sales after the chain overhauled menus in its increasingly food-led pubs. | In the year to August there was a near-11%surge in like-for-like food sales after the chain overhauled menus in its increasingly food-led pubs. |
| Record sales of traditional ales and ciders helped bar takings grow 3.8% during the year. | Record sales of traditional ales and ciders helped bar takings grow 3.8% during the year. |
| Wetherspoon, which opened its first pub in north London in 1979, added another 29 pubs during the year and sold three. It plans to open another 30 pubs in the year to the end of July 2014. | Wetherspoon, which opened its first pub in north London in 1979, added another 29 pubs during the year and sold three. It plans to open another 30 pubs in the year to the end of July 2014. |
| Profits before tax and exceptional items were 6.3% stronger at £77m. But they fell to £57m including one-off items such as impairment and onerous leases. | Profits before tax and exceptional items were 6.3% stronger at £77m. But they fell to £57m including one-off items such as impairment and onerous leases. |
| Martin, who named the chain after one of his teachers, said drinkers remained wary about spending despite signs of life in the economy. | Martin, who named the chain after one of his teachers, said drinkers remained wary about spending despite signs of life in the economy. |
| He added: "We've been living quite close to Armageddon since the trouble with the banks five years ago. People are perhaps starting to feel that the worst may not happen and are a bit more relaxed but they are still very cautious. It will take a long time for all the parties concerned to reduce their debt and get back to normal levels. It's a long, slow haul." | He added: "We've been living quite close to Armageddon since the trouble with the banks five years ago. People are perhaps starting to feel that the worst may not happen and are a bit more relaxed but they are still very cautious. It will take a long time for all the parties concerned to reduce their debt and get back to normal levels. It's a long, slow haul." |
| He said the gradually improving economy would not see punters flocking back to pubs because of what he called unfair competition from supermarkets, which are able to subsidise their alcohol sales with VAT-free food sales. | He said the gradually improving economy would not see punters flocking back to pubs because of what he called unfair competition from supermarkets, which are able to subsidise their alcohol sales with VAT-free food sales. |
| Martin said more than 10,000 UK pubs had closed in recent years, and higher taxes continued to heap pressure on the industry. | Martin said more than 10,000 UK pubs had closed in recent years, and higher taxes continued to heap pressure on the industry. |
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