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Tim Martin, chairman of JD Wetherspoon, reported a significant drop in profits by 28%, amounting to £58.6 million for the year ending July 26, due to rising costs including wages and property taxes. Despite a 5.2% increase in total sales, largely driven by higher drink purchases, Martin urged the government to refrain from further tax hikes that have pushed pubs' operational costs above those of supermarkets, leading to job losses and high street closures.
Written locally by qwen2.5:14b on 2026-10-02,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Wetherspoon, running 792 pubs across the UK, reported a 28% drop in pre-tax profits to £58.6 million for the year ending July 26 due to higher costs including wages and business rates. Despite a 5.2% increase in total sales, driven by a 6.1% rise in bar sales, costs rose by 5.3%, largely attributed to a £46 million increase in wage costs following an increase in the national minimum wage and a £9 million hike in its business rates bill. Sir Tim Martin, Wetherspoon's chairman, urged the government to avoid further tax hikes, citing that pubs pay around 40% of their receipts as taxes while also providing significant social benefits. He noted that excessive taxation has contributed to job losses and high street dereliction, arguing for a rebalancing of taxes to generate more revenue and jobs for the government.
Written for “Wetherspoons Profits Dipped” on 2026-10-05,
grounded in this article and the 1 other(s) covering the same event.
Profits slid by more than a quarter after it was hit by a jump in costs, including higher wages and property taxes.
asserted
it → slide → wages
The company, which runs 792 pubs across the UK, said pre-tax profits tumbled by 28% to £58.6 million for the year to July 26, compared with a year earlier.
asserted
profits → run → July
The benefit from stronger sales was larger, offset by a 5.3% jump in costs, Wetherspoon told shareholders.
asserted
Wetherspoon → offset → shareholders
It said this included a £46 million increase in wage costs for the year, after the national minimum wage was increased by 4.1% during the year.
asserted
wage → say → year
Wetherspoon also reported a £31 million increase in repair costs, and its business rates bill lifted by £9 million to £42.6 million despite relief measures for pub operators.
The hospitality firm reported a 5.2% jump in total sales for the year, with like-for-like sales growth of 4.2%.
The increase was particularly driven by customers buying drinks, with bar sales up 6.1% year-on-year.
asserted
sales → report → year
Food sales were 1.2% higher for the year, revenues from slot and fruit machines rose 7.4%, and it saw 1.3% growth from its hotel rooms.
More recent trading was buoyed by “exceptional weather”, helping like-for-like sales jump 8.6% in the nine weeks to September 27.
asserted
sales → rise → September
Wetherspoon said it benefited from “substantial progress” to increase the number of beer gardens and outside seating areas across its pubs.
asserted
it → say → pubs
Tim Martin, chairman of the business, said: “The hospitality industry, as many commentators and companies have noted, has borne the brunt of government-led tax and regulatory cost increases, especially in the last two budgets.
asserted
commentators → say → budgets
“This has resulted in pubs becoming even more expensive than supermarkets, leading to job losses, closures and high street dereliction.
asserted
pubs → result → losses
“It is to be hoped that the powers that be will refrain from any further increases, since pubs and restaurants pay around 40% of their receipts as taxes of one sort or another – and provide immense financial support to the Treasury, as well as social support to the community.”
asserted
pubs → hop → community
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