Shares in JD Wetherspoon were down on the FTSE 250 in morning trading after the pub chain reported a rise in pre-tax profit for the full year ended 25 July 2010.
Revenue in the period was reported as being up 4.3 per cent to £996.3 million, while like for like sales increased 0.1 per cent.
The group said that its pre-tax profit increased 7.3 per cent to £71 million before exceptional items. After exceptional items pre-tax profit was up 34.4 per cent to £60.5 million.
Tim Martin, Chairman of J D Wetherspoon, said, "I am pleased to report another record year for the company in sales and profit before tax and exceptional Items... We have developed our breakfast offer by opening from 7am, the only substantial pub company to do so. We are now selling over 400,000 breakfasts and 600,000 coffees each week - an increase of 40%.
"In the six weeks to 5 September 2010, like-for-like sales increased by 1.5% and total sales by 7.6%. Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs is encouraging. The Board remains confident of a resilient performance by the company in the current financial year.
"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 09:40 shares in JD Wetherspoon were down 1.69 per cent on the FTSE 250 to 436.00 pence per share.