Overview
- JD Wetherspoon, which warned on Wednesday of “substantial” cost increases, said profits may come in slightly below market expectations.
- The pub chain linked higher energy and shipping bills to disruption from the Iran conflict and the Strait of Hormuz, which has pushed up global transport and fuel costs.
- Chairman Tim Martin said national insurance and minimum wage rises are set to add about £60 million a year, with a green levy of roughly £7 million and a packaging levy of about £1.6 million this year.
- Like-for-like sales rose 3.4% in the 13 weeks to April and 4.3% for the year to date, though growth slowed from the first half.
- Trade group UK Hospitality warns similar cost pressures are forcing two thirds of venues to cut jobs and could push one in seven to close, which would hit local workers and regulars in many towns.