JD Wetherspoon shares rise on FTSE 250 as profits rise 17%

JD Wetherspoon said that turnover increased 4.1 per cent to £488.1 million, while pre-tax profit before exceptional items increased 17.5 per cent to £36.2 million.

The pub chain said it would be paying total and special dividends of 19 pence per share. Last year no dividend was paid.

During the first half JD Wetherspoon opened 17 new pubs and closed two, taking its total number of pubs to 746.

Tim Martin, Chairman of J D Wetherspoon, said, “Sales and profits in the six months under review were at record levels, notwithstanding the immense pressure on the pub business from government legislation, thanks, above all, to the great efforts of all of our staff. Trading in the 6 weeks to 7 March 2010 continues on a similar trend to last year, with like-for-like sales down 0.4% and total sales increasing by 3.9%. As a result of our sales, profits and free cash flow, together with our continued efforts to improve every area of the business, I remain confident of our future prospects.”

By 11:24 shares in JD Wetherspoon were up 2.08 per cent to 515.50 pence per share.