Wetherspoons sees profits tumble by a quarter

Pub chain JD Wetherspoon had record sales last year but its profits dropped by 25%.

The company has bought four pubs in Dublin in the last year as well as one in Cork.

It made nearly €81m in the 12 months to July 26 on the back of a 3.3% rise in sales.

However, changes to its inventory accounting and a write-down on underperforming pubs resulted in charges totalling just under €22m.