Wetherspoons profits slump by almost a third as extra costs bite

Founder and Chairman of JD Wetherspoon, Tim Martin. Wetherspoons has warned that higher labour costs, taxes, and energy bills will drag on the group's profits, with profits slumping by almost a third over the past year. Picture: Dominic Lipinski/PA Wire

Pub group Wetherspoons has warned that higher labour costs, taxes, and energy bills will drag on the group's profits, with profits slumping by almost a third over the past year.

Wetherspoons runs six pubs in Dublin across its 794-strong chain. Chairman Tim Martin said the business is facing £60m (€70m) in extra costs each year due to increases in UK national insurance and wages.