Wetherspoon reinstates dividend payment

11th Mar 2010 07:01

JD Wetherspoon reinstated its dividend as the pub group reported half year sales and profits at record levels.Pre-tax profit in the 26 weeks ended 24 January was £36.2m, an increase of 17.5% on a pre-exceptional basis (2009: £30.8m) and a jump of 41.4% (2009: £25.6m) after exceptional items.Like-for-like sales increased marginally, by 0.1%, with total sales, including new pubs, increasing by 4.1% to £488.1m.Trading in the 6 weeks to 7 March 2010 continued on a similar trend to last year, with like-for-like sales down 0.4% and total sales increasing by 3.9%. The board declared a total dividend of 12.0p for the current financial year ending 25 July (2009: nil) and a special dividend of 7.0p.'Sales and profits in the six months under review were at record levels, notwithstanding the immense pressure on the pub business from government legislation, thanks, above all, to the great efforts of all of our staff,' said chairman Tim Martin.'As a result of our sales, profits and free cash flow, together with our continued efforts to improve every area of the business, I remain confident of our future prospects,' he added.