Wetherspoons swings to loss in H1 of 2021
Wetherspoons (LON:JDW) confirmed on Friday a before tax loss of £46.2m as lockdown measures forced its pubs to close across the country.
The result was a swing from a £57.9m profit for the 26 weeks ended 24 January 2021.
The group‘s revenue dropped by more than 53% to £431.1m, while its operating loss fell to £20.7m compared to a profit of £76.6m the year before.
Sales were down by nearly 54% on the same period of last year as the pub industry felt the impact of the coronavirus pandemic.
Tim Martin, chairman of JD Wetherspoon, was critical of the government’s guidelines and spoke of the need for sensible and consistent policies moving forward.
“Wetherspoon and its employees, along with the hospitality industry, have worked very hard to comply with ever-changing government guidelines. It is disappointing that so many regulations, implemented at tremendous cost to the nation, appear to have had no real basis in common sense or science – for example, curfews, “substantial meals” with drinks and masks for bathroom visits,” said Martin.
“The future of the industry, and of the UK economy, depends on a consistent set of sensible policies, and the ending of lockdowns and tier systems, which have created economic and social mayhem and colossal debts, with no apparent health benefits.”
JD Wetherspoons confirmed yesterday that it would be reopening 60 of its pubs in Scotland as restrictions eased.
In addition to. serving food and non-alcoholic drinks indoors, the pub will serve alcohol without having to buy a meal outside.
Pubs will be allowed to serve customers outdoors in groups of up to six from a max of three households, until 10pm, according to the new guidelines. While indoor service will be allowed for groups of up to four people from two households until 8pm.
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