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Prices & Quotes - UK Markets - Wetherspoon (J.D.) (JDW)

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Share Price:
Up 1,367.00p
Change Today:
33.00p
Market Cap:
1,760.01m
Sector:
Travel & Leisure

Wetherspoons swings to heavy loss as Covid curbs bite

By Frank Prenesti

Date: Friday 19 Mar 2021

LONDON (ShareCast) - (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%.

"The pandemic has taken a sledgehammer to Wetherspoon's business model, which is focused on pulling in high volumes of punters while keeping prices low. The stop start nature of the business during the crisis has seen a yo-yo effect to some extent, but overall the picture was of a sharp decline," said Hargreaves Lansdown analyst Susannah Streeter.

"Indoor drinking and eating won't be able to resume until May 17th at the earliest, and the company is even questioning the certainty of that timeline. It is speculating that despite the successful roll out of vaccines, there could be more knee jerk reactions in government policy to the latest news updates."

Streeter noted Wetherspoons did not mention any use of the 93.7m raised in a January rights issue to buy prime locations vacated by struggling rivals during the pandemic, saying the firm "appears focused on simply weathering the ongoing storm.''

Richard Hunter at interactive investor said: "Despite the travails, the shares have added 136% over the last year, although remain down by 22% since the relatively recent high reached in December 2019. Indeed, the market consensus of the shares as a strong hold may reflect gradually improving prospects."

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JDW Market Data

Currency UK Pounds
Price 1,367.00p
Change Today 33.00p
52 Week High 1,404.00p
52 Week Low 773.50p
Volume 267,659
Shares Issued 128.75m
Market Cap 1,760.01m
Beta 0.02

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 5
Sell 1
Strong Sell 1
Total 11
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

JDW Dividends

  Latest Previous
  Interim Final
Ex-Div n/a 24-Oct-19
Paid n/a 28-Nov-19
Amount 0.000p 8.00p

Trades for 07-May-2021

Time Volume / Share Price
17:07 796 @ 1,367.00p
16:35 70,978 @ 1,367.00p
16:29 3 @ 1,363.00p
16:29 40 @ 1,363.00p
16:29 43 @ 1,365.00p

JDW Key Personnel

CEO John Hutson
Chair Timothy (Tim) Martin
Finance Director Ben Whitley