J D Wetherspoon plc (JDW.L), the pub operator, announced on Friday that its pre-tax profits for fiscal 2024 decreased by 33% to £60.6 million, down from £90.5 million the previous year. Earnings per share also declined, reaching 39.0 pence, a decrease of 16.1% compared to last year's 46.5 pence.
Despite this, the company reported a 34.5% increase in operating profit, rising to £142.6 million from the previous year's £106.0 million. On an adjusted basis, pre-tax profits improved to £73.9 million, compared to £42.6 million last year. Adjusted earnings per share also saw an increase, reaching 46.8 pence from last year's 26.4 pence. Adjusted operating profit grew by 30.2% to £139.5 million.
Annual revenue increased by 5.7%, amounting to £2.04 billion, up from £1.93 billion in the previous year, with like-for-like sales rising by 7.6%. Acknowledging the enhanced trading and financial position, the board has proposed a final dividend payment equivalent to the 2019 annual dividend, set at 12 pence per share, unlike the previous year, when no dividend was paid.
Looking ahead, Chairman Tim Martin commented on the company’s positive trajectory, noting, "Sales continue to improve. In the last nine weeks, leading up to September 29, 2024, like-for-like sales increased by 4.9%. The company anticipates a reasonable outcome for the current financial year, contingent on our future sales performance."
