Pub operator JD Wetherspoon has hailed its decision to develop its breakfast offer as the right one, as it posted record revenue and profit growth for the full year.
In March, the pub operator revealed plans to open its pubs from 7am to capitalise on the breakfast opportunity. Since then it has seen a 40% increase in volume, with 400,000 breakfasts and 600,000 coffees now sold each week.
Describing the performance for the 52 weeks ended 25 July 2010 as a company “record”, Wetherspoon chairman Tim Martin revealed total sales, including 47 new pubs, had increased by £41.2m to £996.3m, a rise of 4.3%.
Profit before tax and exceptional items increased by 7.3% to £71m (2009: £66.2m).
The momentum has been maintained in the first six weeks of its new financial year, with like-for-like sales up 1.5% and total sales 7.6% ahead of the same period a year ago.
In summary, Martin said: “The biggest danger to the pub and catering industry is a continued increase in taxes and regulations. It is to be hoped that the UK government’s attitude towards pubs, in particular, changes and that a co-operative and helpful, rather than a punitive, approach is adopted.”
By Chris Druce
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