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19 Mar 2021 | 07:00

Wetherspoons swings to heavy loss as Covid curbs bite

(Sharecast News) - Pub chain JD Wetherspoon swung to a heavy half-year loss as it felt the impact of Covid restrictions which saw its venues shuttered. Pub chain JD Wetherspoon swung to a heavy half-year loss as it felt the impact of Covid restrictions.

The company reported a loss before tax and exceptionals of £46.2m compared with a profit of £57.9m. Revenue slumped 53.8% to £431m as Wetherspoons was forced to close its pubs in the latest lockdowns.

Its outspoken chairman Tim Martin once again took aim at the government's pandemic measures, warning that the future of the industry "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".

In the 26 weeks to January 24 like-for-like sales decreased by 53.9%, the company said on Friday. Like-for-like bar sales decreased by 57.3%, food by 48.4% and fruit/slot machines by 53.7%. Like-for-like hotel room sales fell 51.8%.
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