Strong demand sees J D Wetherspoon return to half-year profit

The pub group opened three new branches in Ireland last year, one in Waterford and two in Dublin

File photo dated 15/07/2015 of a JD Wetherspoon pub, which has said trading was "very quiet" over the weekend, before the Government tightened restrictions on larger social gatherings.

Pub group J D Wetherspoon returned to a half-year profit after maintaining strong customer demand despite a cost of living crisis.

The company reported a profit of £4.6m (€5.2m) for the six months ending on December 31st, compared with a loss of £21.3m (€24.1m) pounds a year ago.

Like-for-like sales were up 13% compared to the same period last year and up 5% versus pre-pandemic levels.

Speaking on its performance, the company noted that supply and delivery issues have “largely disappeared,” while citing “ferocious” inflationary pressures in the pub industry.

"The company is cautiously optimistic about further progress in the current financial year and in the years ahead," Chairman Tim Martin said in a statement on Friday.

Founded in 1979 in Watford, Wetherspoons operates around 900 pubs in the UK.

Wetherspoon also operates several pubs in the Republic, opening three new branches last year, two in Dublin and one in Waterford, with additional sites across Dublin, Carlow and Cork.

Wetherspoons pub in Dublin on Camden St . Photo: Sam Boal/Rollingnews.ie

In 2021, the company opened a new hotel at Keavan’s Port site, on Dublin’s Camden St. It ranks as Wetherspoon’s largest single-project investment in the group’s 41-year history, costing around €33m and includes pub and bar facilities as well as an 89-bedroom hotel.

Chairman, Tim Martin has previously said there is scope for more Wetherspoon openings in Cork, where it owns the Linen Weaver bar on Paul St in the city centre.

He has also said Wetherspoon could look at operating bar areas in Irish airport terminals, something it already does in the UK. The company has ambitions to operate at least 30 pubs here in the coming years.

Pubs and restaurants continue to face high costs and customers limit their spending on discretionary items amid a cost of living crisis, the hospitality sector remains cautious on its 2023 outlook.