Wetherspoons has warned that "ferocious" inflation is hitting its business despite reporting a post-pandemic return to profit. The popular pub chain reported a half-year pre-tax profit of £4.6m, up from a loss of £26.1m in 2022, and said that sales in the seven weeks to March 19 had climbed 14.9% on the previous year.
Sales were up 9.1% on the pre-pandemic levels of 2019, but despite the upturn profits were still 90% down on the £50.3m over the same period in 2019. Chairman Tim Martin said he looked forward to "ferocious" inflationary pressures easing across the pub industry as revenue rose to £916m ($1.1bn) in the period compared to £807.4m a year ago.
The business, which has been exposed to rising costs for energy, food and labour, said it opened two pubs during the first six months of 2022 and sold or closed 11, leaving a trading estate of 843 pubs.
