Wetherspoon JDW Sales and profits were at record levels with profit before tax after exceptionals showing a rise of 12.5% for the year to 24th July. Before exceptionals the rise was 3.6% with revenue up by 5.4%. The full year dividend is maintained at 12p. Wetherspoon’s Chairman, Tim Martin, then goes on to lambast at great length the politicians and delusional economists who forecast in great detail the doom and disasters from which we would suffer if we exited the EU. The truth is, he says that successful economies are those of democratic countries. The main flaw of the EU is the absence of democracy which will lead to political chaos within the Union and to dire economic consequences.
Minoan Group MIN issues a profit warning stating that profits for the current year will not meet expectations after significant impact from the weakness of sterling and the decline of tourism to Turkey. At present and for several months this is reducing gross profit by £100,000 per month. However forward bookings are showing a rise of 8%.