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RNS
Wetherspoon (JD) PLC  -  JDW   

Half-year Report

Released 07:00 10-Mar-2017

RNS Number : 0837Z
Wetherspoon (JD) PLC
10 March 2017
 

10 March 2017

 

J D WETHERSPOON PLC

PRELIMINARY RESULTS

(For the 26 weeks ended 22 January 2017)

 

FINANCIAL HIGHLIGHTS

 

 

 

Before exceptional items

 

Ÿ Revenue £801.4m (2016: £790.3m)                          

+1.4%

Ÿ Like-for-like sales                                                       

+3.3%

Ÿ Profit before tax £51.4m (2016: £36.0m)

Ÿ Operating profit £65.1m  (2016: £49.4m)

Ÿ Earnings per share (including shares held in trust) 33.8p (2016: 22.3p)

+42.8%

+31.7%

+51.6%

Ÿ Free cash flow per share 44.2p (2016: 46.8p)

-5.6%

Ÿ Full year dividend 4.0p (2016: 4.0p)

Maintained

 

After exceptional items*

 

 

Ÿ Profit before tax £39.9m (2016: £36.6m)

Ÿ Operating profit £65.1m (2016: £49.4m)

+9.0%

+31.7%

Ÿ Earnings per share (including shares held in trust) 27.2p (2016: 25.9p)

+5.0%

         

 

*Exceptional items as disclosed in account note 7 to the Interim Report 2017.

 

 

Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said:

 

"The biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs, in respect of VAT and business rates.

 

"As previously indicated, we understand the need for the government to raise taxes. However, there should be a sensible rebalancing of the taxes paid by pubs and supermarkets, if the pub industry is to survive in the long term.

 

"Last Wednesday's budget was presented by the Chancellor as providing tax relief of approximately £1,000 per pub, for pubs with a rateable value of less than £100,000.

 

"In fact, that sum is dwarfed by tax and regulatory increases. For example, costs to Wetherspoon will increase by approximately the following amounts in the next year:

 

-     business rates:                      £7m

-     electricity taxes:                     £4m

-     excise duty:                            £7m

-     Apprenticeship Levy:            £2m

 

"In addition, the proposed sugar tax will cost approximately £4m from April 2018 and there will be further electricity tax increases of around £5m by 2020.

 

"Companies like Wetherspoon, on examination of the fine print of the budget, are not, in fact, eligible for the £1,000 per annum decrease in business rates, in any event.

 

"The company has previously emphasised the far-higher taxes per meal or per pint that pubs pay compared to supermarkets. For example, supermarkets pay less than 2p per pint for business rates, whereas pubs pay around 18p per pint.

 

"The increase in business rates per pint for pubs from next month will be around 2p, further exacerbating the tax gap.

 

"Pubs also pay VAT of 20% in respect of food sales, but supermarkets pay almost nothing, enabling supermarkets to subsidise the price of alcoholic drinks. An article written for the trade press on this subject can be found below.

 

"Wednesday's budget will weigh far more heavily on pubs than supermarkets, especially since wage costs per pint or meal are approximately 10 times higher in pubs.

 

"The Chancellor was less-than-frank in his budget speech*, since he did not spell out the duty increases, giving the impression to many that there would be no increase.

 

"In effect, this was a budget for dinner parties, no doubt the preference of the Chancellor and

his predecessor - dinner parties will suffer far less from the taxes outlined above, whereas many people prefer to go to pubs, given the choice.

 

"In the six weeks to 5 March 2017, like-for-like sales increased by 2.7% and total sales decreased by 0.2%.

 

"As previously announced, the company intends to increase the level of capital investment in existing pubs from £34m in 2015/6 to around £60m in the current year.

 

"As outlined above, the company also anticipates significantly higher costs in the second half of the financial year. In view of these additional costs and our expectation that like-for-like sales will be lower in the next six months, the company remains cautious about the second half of the year. Nevertheless, as a result of modestly better-than-expected year-to-date sales, we currently anticipate a slightly improved trading outcome for the current financial year, compared with our expectations at the last update."

 

 

 

 

 

 

 

 

 

* The Chancellor said, "I can also confirm that I will make no changes to previously planned upratings of duties on alcohol and tobacco."

 

 

Enquiries:

 

John Hutson                           Chief Executive Officer         01923 477777

Ben Whitley                            Finance Director                   01923 477777

Eddie Gershon                      Company spokesman          07956 392234

 

 

Photographs are available at: newscast.co.uk Notes to editors

1.         J D Wetherspoon owns and operates pubs throughout the UK.  The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices.  The pubs are individually designed and the Company aims to maintain them in excellent condition.

2.         Visit our website jdwetherspoon.com

3.         This announcement has been prepared solely to provide additional information to the shareholders of J D Wetherspoon, in order to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.  It should not be relied on by any other party, for other purposes.  Forward-looking statements have been made by the directors in good faith using information available up until the date that they approved this statement.  Forward-looking statements should be regarded with caution because of inherent uncertainties in economic trends and business risks.

4.         The annual report and financial statements 2016 has been published on the Company's website on 9 September 2016.

5.         The current financial year comprises 53 trading weeks to 30 July 2017.

6.         The next trading update will be issued on 3 May 2017.

 

CHAIRMAN'S STATEMENT AND OPERATING REVIEW

 

 

In the 26 weeks ended 22 January 2017, like-for-like sales increased by 3.3%, with total sales increasing by 1.4% to £801.4m (2016: £790.3m).

 

 

Like-for-like bar sales increased by 2.4% (2016: 2.9%), food by 5.1% (2016: 2.9%) and fruit/slot machines decreased by 2.1% (2016: decreased by 2.9%). Like-for-like room sales at our hotels increased by 14.8% (2016: 7.5%). Bar sales were 61.4% of the total, food was 34.8%, fruit machines were 2.6% and room sales were 1.0%.

 

Operating profit increased by 31.7% to £65.1m (2016: £49.4m). The operating margin was 8.1% (2016: 6.3%). Profit before tax and exceptional items increased by 42.8% to £51.4m (2016: £36.0m). The improved performance in the period was due mainly to lower utility and interest costs, relatively benign costs in other areas and the sale of some lower-margin pubs. In addition, the company saw little impact, in the period under review, from the 'living wage' legislation, having increased pay rates before the government announced its plans in this area.

 

Earnings per share, including shares held in trust by the employee share scheme, and before exceptional items, were 33.8p (2016: 22.3p).

 

As illustrated in the table in the tax section below, the company paid taxes of £331.6m in the period under review, approximately 33% higher than five years ago (2012: £250.1m).

 

Net interest was covered 4.6 times by profit before interest, tax and exceptional items (2016: 3.1 times). Total capital investment was £96.0m in the period (2016: £75.6m). £49.6m was spent on freehold reversions of properties where Wetherspoon was the tenant (2016: £15.5m), £28.4m on existing pubs (2016: £17.4m) and £18.0m on new pub openings and extensions (2016: £42.7m).

 

Exceptional items totalled £7.3m (2016: £4.3m). Twenty-three pubs were sold or closed in the period. There was a £6.6m (2016: £0.1m) loss on disposal and an impairment charge of £5.2m (2016: £0.1m) for closed pubs and pubs which are on the market.

 

During the period, the company received £0.4m in compensation in respect of a transfer of interest-rate swaps between two financial institutions; this has been treated as an exceptional item.

 

In addition, there were £4.1m (2016: £3.6m) of exceptional tax credits, as a result of a reduction in the UK average corporation tax rate, which has the effect of creating an exceptional tax credit for future years. The total cash effect of these exceptional items resulted in cash inflow of £8.9m (2016: £Nil).

 

Free cash flow, after capital investment of £28.4m in existing pubs (2016: £17.4m) and payments of tax and interest, was £49.2m (2016: £55.7m). Free cash flow per share decreased by 5.6% to 44.2p (2016: 46.8p). The decrease was due mainly to the increased expenditure on existing pubs and the timing of payments to suppliers.

 

Dividends

The board declared an interim dividend of 4.0p per share for the current interim financial period ending 22 January 2017 (2016: 4.0p per share). The interim dividend will be paid on 25 May 2017 to those shareholders on the register at 28 April 2017.

 

Corporation tax

We expect the overall corporation tax charge for the financial year, including current and deferred taxation, to be approximately 26.8% before exceptional items (24 July 2016: 29.4%).

 

As in previous years, the company's tax rate is higher than the standard UK tax rate owing mainly to depreciation which is not eligible for tax relief.

 

Financing

As at 22 January 2017, the company's net debt, including bank borrowings and finance leases, but excluding derivatives, was £696.0m, an increase of £45.2m, compared with that of the previous year end (24 July 2016: £650.8m). The net-debt-to-EBITDA ratio was 3.46 times at the period end (24 July 2016: 3.47). Unutilised facilities were £144.3m at the period end (24 July 2016: £189.6 m).

 

In November 2016, the Company issued a summary of its current views in respect of debt. The summary is as follows:

 

"The Company understands that debt always involves risk: the greater the debt, the greater the risk. As a rapidly expanding company, Wetherspoon has historically had higher debt levels than the conservatively financed 'family brewers', the debts of which have often been around 2 times EBITDA, but the levels have usually been lower than the large pub 'PLCs', where they sometimes rose to 5 to 8 times EBITDA, in recent years, often with unfortunate consequences.

 

"As well as expanding rapidly by opening new pubs, Wetherspoon has bought back approximately half of its shares in this millennium, at a cost of £400m and has spent approximately £140m on freehold reversions: freeholds of properties where Wetherspoon was the tenant. This level of expenditure and debt may be justifiable in an era of (a) low interest rates, (b) reasonable historic prices for shares and property and (c) an experienced board which is sceptical of dangerous fashions in the financial world. Even so, the Company's debt levels during this period, which have benefited shareholders, have clearly involved significant risk.

 

"As at 24 July 2016, the Company's net debt/EBITDA was 3.47 times. Over the past 15 financial year ends, this ratio has been:

 

Financial

Year End

Net Debt /

EBITDA

 

 

2002

2.85

2003

2.61

2004

2.78

2005

2.81

2006

2.80

2007

3.21

2008

3.24

2009

2.74

2010

2.70

2011

2.98

2012

2.96

2013

2.88

2014

3.21

2015

3.37

2016

3.47

 

"Weighing the level of debt and risk is a difficult job. Our aim is to be conservatively financed as the business matures, although a precise timetable depends on many factors. For the foreseeable future, it is intended that the Company's net debt/EBITDA will be around 3.5 times. The ratio may rise for a temporary period, for example, if there were a sudden deterioration in trading, in which instance the Company would seek to reduce the level in a timely manner. Insofar as it is possible to generalise, the board believes that debt levels of between 0 and 2 times EBITDA are a sensible long-term benchmark."

 

 

 

 

Property

During the period, we opened two new pubs and closed 22 pubs, bringing the number of pubs open at the period end to 906. Following a review of our estate, we have placed around 100 pubs on the market in the last two years or so. Eighty-three of these pubs have now been sold, are under contract or have been closed.

 

UK taxes and regulation

Pubs and restaurants pay far higher levels of UK tax than do supermarkets. The main disparity relates to VAT (value added tax), since supermarkets pay no VAT in respect of their food sales, whereas pubs pay 20%, enabling supermarkets to subsidise their alcoholic drinks prices. Pubs also pay approximately 18p per pint in respect of business rates, while supermarkets pay less than 2p per pint.

 

In addition, the government has, in recent years, introduced both a 'late-night levy' and additional fruit/slot machine taxes, further reducing the competitive position of pubs in relation to supermarkets.

 

The tax disparity with supermarkets is unfair. Pubs create significantly more jobs and more taxes per pint or per meal than do supermarkets and it does not make social or economic sense for the UK tax régime to favour supermarkets. We acknowledge the need for companies to pay a reasonable level of taxes, but hope that legislators will make prompt progress in creating a level playing field for all businesses which sell similar products.

 

The taxes paid by Wetherspoon in the period under review were as follows:

 

First half

2017

2016

(estimate - UK only)

£m

£m

VAT

156.5

153.1

Alcohol duty

79.3

83.3

PAYE and NIC

45.1

46.9

Business rates

25.3

24.7

Corporation tax

8.3

10.6

Machine duty

5.0

5.6

Climate change levy

4.8

3.1

Stamp duty

3.0

1.1

Carbon tax

1.7

1.8

Landfill tax

1.2

1.3

Fuel duty

1.0

1.1

Premise licence and TV licences

0.4

0.4

TOTAL TAX

331.6

333.0

Tax per pub (£000)

362.8

350.0

Tax as % of sales

41.4%

42.1%

Pre-exceptional profit after tax

37.7

26.5

Profit after tax as % of sales

4.7%

3.4%

 

Further progress

As previously highlighted, the company's philosophy is to try continuously to upgrade as many areas of the business as possible. An example is IT, where we have introduced a new 'mobile ordering app' -soon available in all pubs. We are continuing to work with our suppliers and customers to improve the range and quality of real ales and craft beers, and a new menu was introduced in almost all of our pubs on 8 March 2017, offering both new and upgraded dishes. 262 Wetherspoon pubs were recommended in CAMRA's 2017 Good Beer Guide - more than any other company.

 

In November 2015, the government's Food Standards Agency (FSA) issued a report which named Wetherspoon equal top of the largest 20 food chains for hygiene standards over the preceding five years. 92% of our pubs have obtained the maximum five rating, under the FSA scheme. This exceptional record reflects extremely hard work by our central catering, audit and operations team, as well as by the teams in our pubs.

 

We have now been recognised as a 'Top Employer UK' by the Top Employers Institute for 14 consecutive years. 99% of our pubs have achieved approval from Cask Marque, an independent brewery-run scheme which encourages high standards in ale quality.

 

We also allocated £18.8m in bonuses and free shares to employees, 97% of which was paid to those below board level and 79% of which was paid to those working in our pubs.

 

Current trading and outlook

The biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs, in respect of VAT and business rates.

 

As previously indicated, we understand the need for the government to raise taxes. However, there should be a sensible rebalancing of the taxes paid by pubs and supermarkets, if the pub industry is to survive in the long term.

 

Last Wednesday's budget was presented by the Chancellor as providing tax relief of approximately £1,000 per pub, for pubs with a rateable value of less than £100,000.

 

In fact, that sum is dwarfed by tax and regulatory increases. For example, costs to Wetherspoon will increase by approximately the following amounts in the next year:

 

-       business rates:                   £7m

-       electricity taxes:                   £4m

-       excise duty:                           £7m

-       Apprenticeship Levy:           £2m

 

In addition, the proposed sugar tax will cost approximately £4m from April 2018 and there will be further electricity tax increases of around £5m by 2020.

 

Companies like Wetherspoon, on examination of the fine print of the budget, are not, in fact, eligible for the £1,000 per annum decrease in business rates, in any event.

 

The company has previously emphasised the far-higher taxes per meal or per pint that pubs pay compared to supermarkets. For example, supermarkets pay less than 2p per pint for business rates, whereas pubs pay around 18p per pint.

 

The increase in business rates per pint for pubs from next month will be around 2p, further exacerbating the tax gap.

Pubs also pay VAT of 20% in respect of food sales, but supermarkets pay almost nothing, enabling supermarkets to subsidise the price of alcoholic drinks. An article written for the trade press on this subject can be found below.

 

Wednesday's budget will weigh far more heavily on pubs than supermarkets, especially since wage costs per pint or meal are approximately 10 times higher in pubs.

 

The Chancellor was less-than-frank in his budget speech*, since he did not spell out the duty increases, giving the impression to many that there would be no increase.

 

In effect, this was a budget for dinner parties, no doubt the preference of the Chancellor and his predecessor - dinner parties will suffer far less from the taxes outlined above, whereas many people prefer to go to pubs, given the choice.

 

In the six weeks to 5 March 2017, like-for-like sales increased by 2.7% and total sales decreased by 0.2%.

 

As previously announced, the company intends to increase the level of capital investment in existing pubs from £34m in 2015/6 to around £60m in the current year.

 

As outlined above, the company also anticipates significantly higher costs in the second half of the financial year. In view of these additional costs and our expectation that like-for-like sales will be lower in the next six months, the company remains cautious about the second half of the year. Nevertheless, as a result of modestly better-than-expected year-to-date sales, we currently anticipate a slightly improved trading outcome for the current financial year, compared with our expectations at the last update.

 

 

Tim Martin

Chairman

9 March 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The Chancellor said, "I can also confirm that I will make no changes to previously planned upratings of duties on alcohol and tobacco."

 

The Publican's Morning Advertiser

 

 

Wetherspoons founder hits out on VAT: 'It's the maths, stupid'

 
By Tim Martin, 07-Jan-2016
 

Despite leaving the VAT Club, Tim Martin speaks out in typically forthright fashion on the tax burden of the pub trade. 

 

How well do individual publicans, pubcos and the trade press understand the tax and economic disparity between pubs and supermarkets? And how well have the issues been articulated to the public? In the end these sorts of arguments boil down to pounds and pence, so we need to "do the math", as our American cousins say. It's far from certain that the majority of people in our industry really comprehend the true extent of our tax and regulatory burden.

 

There are three main areas where the pub industry has its back to the wall- that is to say areas where taxes and regulations are stacked against the on-trade. The most topical relates to the so-called living wage- which is really, of course, the new minimum wage. A pint in an average pub costs around £3, excluding VAT. Managed pubcos, including Wetherspoon, pay around 30% of their sales as wages, so the cost of labour in a pub pint is roughly 90 pence.

 

VAT

The average cost of a pint in a supermarket is about a quid, ex VAT, and it may be even less. Sainsbury's wages, as an example, extracted from their published accounts, are about 10% of sales. So the labour cost of a pint in a supermarket is roughly 10 pence. You don't have to be Milton Friedman to work out that minimum wage initiatives by governments hit the pub trade 9 or 10 times harder than supermarkets, as a result.

 

Many people will think that minimum wages should be set at a high level even so, and publicans prefer to pay their hardworking staff well, if they can afford it- but economic necessity requires other taxes to be fair if political parties wish pubs to survive and thrive in these circumstances. Unfortunately, however, 2 of the biggest taxes paid by pubs, business rates and VAT, also weigh far more heavily on pubs than supermarkets.

 

Supermarkets

A couple of years ago, I tried to look up the amount of business rates paid by supermarkets, but the information was not available in their published accounts. Helpfully, Dalton Philips, then CEO of Morrisons, told the Financial Times in July 2013 that his company paid business rates of £240 million per annum. Morrisons sales in that year were £18.116 billion, so their rates payable were 1.32% of those sales. Therefore, we can calculate that a pint sold for a quid, ex VAT, at Morrison's attracts an approximate business rates charge of 1.32 pence.

 

Regrettably, as publicans know only too well, pubs pay a lot more. On average, the "rateable value" of pubs is assessed at about 12% of "fair maintainable trade". The actual cash tax payable is about half this level, that is to say about 6% of sales, ex VAT. So a pint bought in a pub for £3, ex VAT, generates about 18 pence in rates, more than 13 times the business rates charge per pint in supermarkets. This disparity is unsustainable and makes no economic sense.

 

Inequality

The third and greatest disparity relates to VAT. Supermarkets pay almost no VAT in respect of food sales, whereas pubs pay 20%, a massive tax inequality which helps supermarkets to subsidise their alcoholic drinks prices, as many of us are aware.

Pubs have lost over 50% of their drinks sales to supermarkets in the last 30 years and are continuing to lose trade at an alarming rate, mainly as a result of these economic realities.

 

The question for politicians is a simple one- do you believe that pubs play a valuable role in the economic and social life of the nation? If yes, there needs to be what writer and entrepreneur Luke Johnson calls a "sensible rebalancing" of the tax system. All sensible publicans and pubcos know that the government needs taxes to pay for schools and hospitals- and even to afford some aircraft for our lonely aircraft carrier. However, it makes no sense to discriminate against pubs and in favour of supermarkets.

 

Wetherspoon, as an example, pays around £650,000 of taxes of one kind or another per pub per annum- let's preserve these golden geese, not kill them.

 

The main question for the pub trade itself is how well do you , or does your company, understand these numbers and how well are these punishing tax inequalities highlighted to customers and staff? There is a common myth in our industry, especially at senior levels,  that the way to obtain tax reductions is to seek an audience with politicians, preferably over a pint, and to charm them into going easy on the pub trade, especially over excise duty at budget time.

 

Democracy

But that approach hasn't always worked too well over the years. We live in a democracy and voters love pubs and know that they create jobs and government revenue- highlighting to the public the way in which taxes are tilted in favour of supermarkets is just as important as an audience with the Chancellor of the Exchequer. In the end, in our system, the Chancellor does the bidding of the public.

 

Perhaps the main new year's resolution for us all is to increase our personal efforts in highlighting the maths of pub taxes for the benefit of the public, as well as for politicians.

 

 

 

 

 

INCOME STATEMENT FOR THE 26 WEEKS ENDED

J D Wetherspoon plc, company number: 1709784

 

 

 

 

 

 

 

 

 

 

 

Notes

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Audited

 

 

26 weeks ended

26 weeks ended

26 weeks

ended

26 weeks

ended

52 weeks

ended

52 weeks

ended

 

 

22 January

2017

22 January

2017

24 January

 2016

24 January

 2016

24 July

 2016

24 July

 2016

 

 

Before exceptional

 items

After

 exceptional

items

Before exceptional items

After

 exceptional

items

Before exceptional items

After

 exceptional

items

 

 

£000

£000

£000

£000

£000

£000

Revenue

4

801,435

801,435

790,250

790,250

1,595,197

1,595,197

Operating costs

 

(736,334)

(736,334)

(740,821)

(740,821)

(1,485,470)

(1,485,470)

Operating profit

5

65,101

65,101

49,429

49,429

109,727

109,727

Property gains

6

586

586

3,845

3,845

5,335

5,335

Property (losses)/gains - exceptional

7

 

(11,885)

 

634

 

(14,561)

Profit before interest and tax

 

65,687

53,802

53,274

53,908

115,062

100,501

Finance income

 

38

38

76

76

116

116

Finance income - exceptional

7

 

402

 

-

 

-

Finance costs

 

(14,310)

(14,310)

(17,342)

(17,342)

(34,568)

(34,568)

Profit before tax

 

51,415

39,932

36,008

36,642

80,610

66,049

Income tax expense

8

(13,760)

(13,760)

(9,487)

(9,487)

(23,689)

(23,689)

Income tax expense - exceptional1

8

 

4,138

 

3,641

 

8,846

Profit for the period

 

37,655

30,310

26,521

30,796

56,921

51,206

 

 

 

 

 

 

 

 

Earnings per ordinary share (p)

 

 

 

 

 

 

 - Basic

9

34.6

27.8

22.9

26.6

49.5

44.5

 - Diluted

9

33.8

27.2

22.3

25.9

48.3

43.4

 

 

                       

STATEMENT OF COMPREHENSIVE INCOME FOR THE 26 WEEKS ENDED 22 JANUARY 2017

 

 

Notes

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Items which will be reclassified subsequently to profit or loss:

 

 

 

 

Interest-rate swaps: gain/(loss) taken to other comprehensive income

16

30,381

(8,520)

(23,504)

Tax on items taken directly to other comprehensive income

 

(5,800)

734

3,432

Currency translation differences

 

883

1,726

4,265

Net gain/(loss) recognised directly in other comprehensive income

 

25,464

(6,060)

(15,807)

Profit for the period

 

30,310

30,796

51,206

Total comprehensive income for the period

 

55,774

24,736

35,399

 

1 At the last interim report, the deferred tax credit resulting from the reduction in the corporation tax rate of £3,786,000 was not shown as an exceptional item.

In the year accounts, as at 24 July 2016, this credit was classified as an exceptional item. The interim comparative numbers have been stated in line with

the year-end classification.

 

 

 

 

 

 

 

 

 

CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED

 

J D Wetherspoon plc, company number: 1709784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Audited

 

 

cash flow

free cash

cash flow

free cash

cash flow

free cash

 

 

 

flow1

 

flow1

 

flow1

 

 

26 weeks

26 weeks

26 weeks

26 weeks

52 weeks

52 weeks

 

 

ended

ended

ended

ended

ended

ended

 

 

22 January

22 January

24 January

24 January

24 July

24 July

 

 

2017

2017

2016

2016

2016

2016

 

 

£000

£000

£000

£000

£000

£000

Cash flows from operating activities

 

 

 

 

 

 

 

Cash generated from operations

10

105,052

105,052

100,641

100,641

181,836

181,836

Interest received

 

26

26

76

76

136

136

Net exceptional finance income

 

402

 

-

 

-

 

Interest paid

 

(13,150)

(13,150)

(15,808)

(15,808)

(31,182)

(31,182)

Corporation tax paid

 

(8,250)

(8,250)

(10,635)

(10,635)

(19,917)

(19,917)

Net cash inflow from operating activities

84,080

83,678

74,274

74,274

130,873

130,873

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property, plant and equipment

(18,775)

(18,775)

(14,120)

(14,120)

(28,407)

(28,407)

Purchase of intangible assets

 

(9,633)

(9,633)

(3,289)

(3,289)

(5,104)

(5,104)

Investment in new pubs and pub extensions

(18,012)

 

(42,696)

 

(54,118)

 

Freehold reversions

 

(49,582)

 

(15,518)

 

(36,083)

 

Purchase of lease premiums

 

-

 

-

 

(1,091)

 

Proceeds of sale of property, plant and equipment

8,798

 

3,005

 

22,520

 

Net cash outflow from investing activities

(87,204)

(28,408)

(72,618)

(17,409)

(102,283)

(33,511)

Cash flows from financing activities

 

 

 

 

 

 

 

Equity dividends paid

17

(8,933)

 

(9,543)

 

(14,190)

 

Purchase of own shares for cancellation

(25,359)

 

(14,186)

 

(53,580)

 

Purchase of own shares for share-based payments

(6,046)

(6,046)

(1,165)

(1,165)

(6,877)

(6,877)

Loan advances

15

39,530

 

21,764

 

48,591

 

Finance lease principal payments

15

-

 

(1,356)

 

(2,051)

 

Net cash (outflow) from financing activities

(808)

(6,046)

(4,486)

(1,165)

(28,107)

(6,877)

Net change in cash and cash equivalents

15

(3,932)

 

(2,830)

 

483

 

Opening cash and cash equivalents

 

32,658

 

32,175

 

32,175

 

Closing cash and cash equivalents

 

28,726

 

29,345

 

32,658

 

Free cash flow

 

 

49,224

 

55,700

 

90,485

Free cash flow per ordinary share

9

 

44.2p

 

46.8p

 

76.7p

 

 

                                                                                                  1  Free cash flow is a measure not required by accounting standards; a definition is provided in our accounting policies.

 

 

BALANCE SHEET AS AT 22 JANUARY 2017

 

J D Wetherspoon plc, company number: 1709784

 

 

 

 

 

Notes

Unaudited

Unaudited

Audited

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Assets

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

11

1,229,252

1,187,037

1,188,512

Intangible assets

12

30,809

29,929

27,051

Investment property

13

7,577

8,620

7,605

Other non-current assets

14

8,693

9,807

9,725

Derivative financial instruments

15

17,645

-

-

Deferred tax assets

 

5,626

8,728

11,426

Total non-current assets

 

1,299,602

1,244,121

1,244,319

 

 

 

 

 

Assets held for sale

 

4,182

196

950

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

20,401

20,013

19,168

Receivables

 

29,517

31,045

27,616

Cash and cash equivalents

15

28,726

29,345

32,658

Total current assets

 

78,644

80,403

79,442

Total assets

 

1,382,428

1,324,720

1,324,711

Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

15

(80)

(695)

(112)

Derivative financial instruments

15

-

(3,988)

(79)

Trade and other payables

 

(278,329)

(279,796)

(266,523)

Current income tax liabilities

 

(12,327)

(8,088)

(8,247)

Provisions

 

(4,526)

(3,661)

(4,463)

Total current liabilities

 

(295,262)

(296,228)

(279,424)

Non-current liabilities

 

 

 

 

Borrowings

15

(724,645)

(654,793)

(683,306)

Derivative financial instruments

15

(50,741)

(44,505)

(63,398)

Deferred tax liabilities

 

(71,519)

(75,046)

(74,441)

Provisions

 

(2,850)

(2,962)

(3,387)

Other liabilities

 

(12,433)

(14,336)

(13,307)

Total non-current liabilities

 

(862,188)

(791,642)

(837,839)

Net assets

 

224,978

236,850

207,448

Shareholders' equity

 

 

 

 

Share capital

18

2,211

2,375

2,273

Share premium account

 

143,294

143,294

143,294

Capital redemption reserve

 

2,220

2,056

2,158

Hedging reserve

 

(27,470)

(39,765)

(52,051)

Currency translation reserve

 

3,561

(375)

2,340

Retained earnings

 

101,162

129,265

109,434

Total shareholders' equity

 

224,978

236,850

207,448

 

The financial statements, on pages 7 to 23, approved by the board of directors and authorised for issue on 9 March 2017,

are signed on its behalf by:

 

 

 

John Hutson                                                                                         Ben Whitley

Director                                                                                                   Director

 

 

STATEMENT OF CHANGES IN EQUITY

 

 

J D Wetherspoon plc, company number: 1709784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share

Share

Capital

Hedging

Currency

Retained

Total

 

 

 

 

capital

premium

redemption

reserve

translation

earnings

 

 

 

 

 

 

account

reserve

 

reserve

 

 

 

 

 

 

£000

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

At 26 July 2015

 

2,387

143,294

2,044

(31,979)

(2,182)

109,329

222,893

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

 

 

 

(7,786)

1,807

30,715

24,736

 

 

Profit for the period

 

 

 

 

 

 

30,796

30,796

 

 

Interest-rate swaps: cash flow hedges

 

 

 

 

(8,520)

 

 

(8,520)

 

 

Tax on items taken directly to comprehensive income

 

734

 

 

734

 

 

Currency translation differences

 

 

 

 

 

1,807

(81)

1,726

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of own shares for cancellation

(12)

 

12

 

 

(3,866)

(3,866)

 

 

Share-based payment charges

 

 

 

 

 

 

3,895

3,895

 

 

Tax on share-based payment

 

 

 

 

 

 

(100)

(100)

 

 

Purchase of own shares for share-based payments

 

 

 

(1,165)

(1,165)

 

 

Dividends

 

 

 

 

 

 

(9,543)

(9,543)

 

 

 

 

 

 

 

 

 

 

 

 

 

At 24 January 2016

 

2,375

143,294

2,056

(39,765)

(375)

129,265

236,850

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

 

 

 

(12,286)

2,715

20,234

10,663

 

 

Profit for the period

 

 

 

 

 

 

20,410

20,410

 

 

Interest-rate swaps: cash flow hedges

 

 

 

 

(14,984)

 

 

(14,984)

 

 

Tax on items taken directly to comprehensive income

 

2,698

 

 

2,698

 

 

Currency translation differences

 

 

 

 

 

2,715

(176)

2,539

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of own shares for cancellation

(102)

 

102

 

 

(35,527)

(35,527)

 

 

Share-based payment charges

 

 

 

 

 

 

5,661

5,661

 

 

Tax on share-based payment

 

 

 

 

 

 

160

160

 

 

Purchase of own shares for share-based payments

 

 

 

(5,712)

(5,712)

 

 

Dividends

 

 

 

 

 

 

(4,647)

(4,647)

 

 

 

 

 

 

 

 

 

 

 

 

 

At 24 July 2016

 

2,273

143,294

2,158

(52,051)

2,340

109,434

207,448

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

 

 

 

24,581

1,221

29,972

55,774

 

 

Profit for the period

 

 

 

 

 

 

30,310

30,310

 

 

Interest-rate swaps: cash flow hedges

 

 

 

 

30,381

 

 

30,381

 

 

Tax on items taken directly to comprehensive income

 

(5,800)

 

 

(5,800)

 

 

Currency translation differences

 

 

 

 

 

1,221

(338)

883

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of own shares for cancellation

(62)

 

62

 

 

(28,445)

(28,445)

 

 

Share-based payment charges

 

 

 

 

 

 

4,966

4,966

 

 

Tax on share-based payment

 

 

 

 

 

 

214

214

 

 

Purchase of own shares for share-based payments

 

 

 

(6,046)

(6,046)

 

 

Dividends

 

 

 

 

 

 

(8,933)

(8,933)

 

 

 

 

 

 

 

 

 

 

 

 

 

At 22 January 2017

 

2,211

143,294

2,220

(27,470)

3,561

101,162

224,978

 

 

During the half year, 3,106,300 shares were repurchased by the company for cancellation, representing approximately 2.8% of the issued share capital, at a cost of £28.4m, including stamp duty, representing an average cost per share of 916p. At the half year end, the company had a liability for share purchases of £3.1m which was settled post half year end.

 

NOTES TO THE FINANCIAL STATEMENTS

 

 

1.   General information
J D Wetherspoon plc is a public limited company, incorporated and domiciled in England and Wales.
Its registered office address is: Wetherspoon House, Central Park, Reeds Crescent, Watford,

WD24 4QL

The company is listed on the London Stock Exchange.

This condensed half-yearly financial information was approved for issue by the board on 9 March 2017.

This interim report does not comprise statutory accounts within the meaning of Sections 434 and 435 of the Companies Act 2006. Statutory accounts for the year ended 24 July 2016 were approved by the board of directors on 8 September 2016 and delivered to the Registrar of Companies. The report of the auditors, on those accounts, was unqualified, did not contain an emphasis-of-matter paragraph or any statement under Sections 498 to 502 of the Companies Act 2006.

There are no changes to the principal risks and uncertainties as set out in the financial statements for the 52 weeks ended 26 July 2016, which may affect the company's performance in the next six months. The most significant risks and uncertainties relate to the taxation on, and regulation of, the sale of alcohol, cost increases and UK disposable consumer incomes. For a detailed discussion of the risks and uncertainties facing the company, refer to the annual report for 2016, pages 43 and 44.

 

2.   Basis of preparation
This condensed half-yearly financial information of J D Wetherspoon plc (the 'Company'), which is abridged and unaudited, has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with International Accounting Standards (IAS) 34, Interim Financial Reporting, as adopted by the European Union. This interim report should be read in conjunction with the annual financial statements for the 52 weeks ended 24 July 2016 which were prepared in accordance with IFRSs, as adopted by the European Union.

The directors have made enquiries into the adequacy of the Company's financial resources, through a review of the Company's budget and medium-term financial plan, including capital expenditure plans and cash flow forecasts; they have satisfied themselves that the Company will continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going-concern basis in preparing the Company's financial statements.

The financial information for the 52 weeks ended 24 July 2016 is extracted from the statutory accounts of the Company for that year.


The interim results for the 26 weeks ended 22 January 2017 and the comparatives for 24 January 2016 are unaudited, yet have been reviewed by the independent auditors. A copy of the review report is included at the end of this report.

 

3.   Accounting policies
With the exception of tax, the accounting policies adopted in the preparation of the interim report are consistent with those applied in the preparation of the Company's annual report for the year ended 24 July 2016 - and the same methods of computation and presentation are used.

 

Income tax
Taxes on income in the interim periods are accrued using the tax rate which would be applicable to expected total annual earnings.
 

Changes in standards
On 13 January 2016, the International Accounting Standards Board issued IFRS 16 - 'leases', which is effective for periods starting on or after 1 January 2019, subject to EU endorsement. IFRS 16 requires lessees to recognise a lease liability reflecting future lease payments and a right-of-use asset for lease contracts, subject to exceptions for short-term leases and leases of low-value assets.

 

Standards and interpretations which are not yet effective and have not been early adopted by the Company:

·      Amendment to IFRS 9, 'Financial Instruments'

 

Revenue disclosed in the income statement  is analysed as follows:

 

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

 

 

 

 

 

Sales of food, beverages, hotel rooms and machine income

 

801,435

790,250

1,595,197

 

 

5.  Operating profit - analysis of costs by nature

This is stated after charging/(crediting):

 

 

 

 

 

Notes

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Concession rental payments

 

11,639

10,172

21,971

Minimum operating lease payments

 

23,727

25,811

51,260

Repairs and maintenance

 

29,232

26,109

54,924

Net rent receivable

 

(743)

(692)

(1,496)

Depreciation of property, plant and equipment

11

32,741

32,089

65,297

Amortisation of intangible assets

12

3,332

2,713

5,949

Depreciation of investment properties

13

28

31

62

Amortisation of other non-current assets

14

206

209

904

Share-based payments

 

4,966

3,895

9,556

 

 

6.  Property (gains)/losses

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

 

 

 

 

 

Non-exceptional property (gains)/losses

 

 

 

 

Loss/(gain) on disposal of fixed assets

 

62

(3,845)

(4,866)

Additional costs of disposal

 

-

-

63

Other property gains

 

(648)

-

(532)

 

 

(586)

(3,845)

(5,335)

 

 

 

 

 

Exceptional property (gains)/losses

 

 

 

 

Loss on disposal of fixed assets - disposal programme

 

5,618

124

7,328

Additional costs of disposal

 

976

-

1,149

Impairment of property, plant and equipment

 

5,169

89

4,809

Impairment of intangible assets

 

-

-

239

Impairment of other assets

 

-

-

491

Onerous lease (reversals)/provision

 

122

(847)

545

 

 

11,885

(634)

14,561

 

 

 

 

 

Total property losses/(gains)

 

11,299

(4,479)

9,226

 

 

 

7.  Exceptional items

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Exceptional property losses

 

 

 

 

Disposal programme

 

 

 

 

Loss on disposal of pubs

 

6,594

124

8,477

Impairment of assets held for sale

 

3,899

89

598

Impairment of property plant and equipment - closed pubs

 

-

-

2,287

Impairment of other non-current assets - closed pubs

 

1,270

-

491

Onerous lease reversal - sold pubs

 

(235)

-

(427)

Onerous lease provision - closed pubs

 

252

-

944

 

 

11,780

213

12,370

Other property losses

 

 

 

 

Onerous lease reversal

 

(208)

(1,122)

(949)

Onerous lease provision

 

313

275

977

Impairment of property, plant and equipment

 

-

-

1,924

Impairment of intangible assets

 

-

-

239

 

 

105

(847)

2,191

 

 

 

 

 

Total exceptional property losses/(gains)

 

11,885

(634)

14,561

 

 

 

 

 

Other exceptional items

 

 

 

 

Net exceptional finance income

 

(402)

-

-

 

 

(402)

-

-

 

 

 

 

 

Total pre-tax exceptional items

 

11,483

(634)

14,561

 

 

 

 

 

Exceptional tax

 

 

 

 

Exceptional tax items

 

(4,413)

(3,786)

(8,363)

Tax effect on exceptional items

 

275

145

(483)

 

 

(4,138)

(3,641)

(8,846)

 

 

 

 

 

Total exceptional items

 

7,345

(4,275)

5,715

 

Disposal programme

The Company has offered a number of its sites for sale. During the half year end, 22 (year end 2016: 29) pubs had been sold, seven (year end 2016: three) were classified as held for sale and an additional pub (year end 2016: nine) had been closed as part of the pub-disposal programme. In the table above, those costs classified as loss on disposal are the loss on sold sites and associated costs to sale.

 

The costs classified above as impairment of assets held for sale of £3,899,000 (year end 2016: £598,000), relate to the write-down of assets to their assessed recoverable amount for any pubs which the Company has committed to selling.
It is the view of management that the Company is committed to selling when a contract for sale has been exchanged. A further impairment of £1,270,000 (year end 2016: £2,788,000) has been recognised for pubs (year end 2016: nine) which have been closed and made available for sale as part of the pub-disposal programme.

 

Other property losses

The onerous lease provision relates to pubs for which future trading profits, or income from subleases, are not expected to cover the rent. The provision takes several factors into account, including the expected future profitability of the pub and also the amount estimated as payable on surrender of the lease, where this is a likely outcome. In the period, £105,000 (year end 2016: £28,000) was charged net in respect of onerous leases.

 

Property impairment relates to the situation in which, owing to poor trading performance, pubs are unlikely to generate sufficient cash in the future to justify their current book value. In the period, an exceptional charge of £Nil (year end 2016: £1,924,000) was incurred in respect of the impairment of property, plant and equipment, as required under IAS 36. All exceptional items
listed above generated a net cash inflow of £8,520,000 (year end 2016: £13,959,000).

 

Exceptional finance income

During the period the Company transferred two of its interest-rate swaps to other banks. Transferring the swaps
has not changed in anyway the terms, conditions or future cash flows of the swaps. The bank which originally issued the
swaps paid the Company £402,000 compensation for agreeing to the transfer.

 

 

 

The taxation charge for the period ended 22 January 2017 is based on the pre-exceptional profit before tax of £51.4m and the estimated effective tax rate before exceptional items for the year ending 24 July 2017 of 26.8% (July 2016: 29.4%).
This comprises a pre-exceptional current tax rate of 24.1% (July 2016: 22.8%) and a pre-exceptional deferred tax rate of 2.7% (July 2016: 6.6%).

 

The UK standard weighted average tax rate for the period is 19.67% (2016: 20.0%). The current tax rate is higher than the UK standard weighted average tax rate, owing mainly to depreciation which is not eligible for tax relief.

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Income tax before exceptional items

 

 

 

 

Current income tax:

 

 

 

 

Current tax

 

12,491

8,559

19,382

Prior year adjustment

 

(93)

(33)

(1,035)

Total current income tax

 

12,398

8,526

18,347

 

 

 

 

 

Deferred tax:

 

 

 

 

Origination and reversal of temporary differences

 

1,601

961

4,205

Adjustment in respect of prior period

 

(239)

-

1,137

Total deferred tax

 

1,362

961

5,342

 

 

 

 

 

Total income tax expense before exceptional items

 

13,760

9,487

23,689

 

 

 

 

 

 

 

 

 

 

Exceptional income tax

 

 

 

 

Exceptional current income tax:

 

 

 

 

Current tax on exceptional items

 

59

145

(75)

Total exceptional current income tax

 

59

145

(75)

 

 

 

 

 

Exceptional deferred tax:

 

 

 

 

Deferred tax on exceptional items

 

216

-

(408)

Impact of change in the UK tax rate -  exceptional

 

(4,413)

(3,786)

(8,363)

Total exceptional deferred tax

 

(4,197)

(3,786)

(8,771)

 

 

 

 

 

Total exceptional income tax expense on exceptional items

 

(4,138)

(3,641)

(8,846)

 

 

 

 

 

 

 

 

 

 

Tax charge in the income statement

 

9,622

5,846

14,843

 

 

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Taken through equity

 

 

 

 

Current tax on share-based payment

 

(127)

-

(159)

Deferred tax on share-based payment

 

(87)

100

99

Tax charge/(credit)

 

(214)

100

(60)

 

 

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Taken through comprehensive income

 

 

 

 

Deferred tax charge on swaps

 

5,496

734

(4,701)

Impact of change in UK tax rate

 

304

-

1,269

Tax charge/(credit)

 

5,800

734

(3,432)

 

 

 

9.    Earnings and free cash flow per share

 

Earnings per share are based on the weighted average number of shares in issue of 111,364,354 (2016: 119,030,301), including those held in trust in respect of employee share schemes. Earnings per share, calculated on this basis, are usually referred to as 'diluted', since all of the shares in issue are included.

 

Accounting standards refer to 'basic earnings' per share - these exclude those shares held in trust in respect of employee share schemes.

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

Weighted average number of shares

 

2017

2016

2016

Shares in issue (used for diluted EPS)

 

111,364,354

119,030,301

117,898,893

Shares held in trust

 

(2,441,371)

(3,417,799)

(2,854,697)

Shares in issue less shares held in trust

 

108,922,983

115,612,502

115,044,196

 

The weighted average number of shares held in trust for employee share schemes has been adjusted to exclude those shares which have vested, but which remain in trust.

 

 

Profit

Basic EPS

Diluted EPS

 

 

 

pence per

pence per

 

 

 

ordinary

ordinary

26 weeks ended 22 January 2017 unaudited

 

£000

share

share

Earnings (profit after tax)

 

30,310

27.8

27.2

Exclude effect of exceptional items after tax

 

7,345

6.8

6.6

Earnings before exceptional items

 

37,655

34.6

33.8

Exclude effect of property gains/(losses)

 

(586)

(0.6)

(0.5)

Underlying earnings before exceptional items

 

37,069

34.0

33.3

 

 

 

 

 

 

 

 

 

 

 

 

Profit

Basic EPS

Diluted EPS

 

 

 

pence per

pence per

 

 

 

ordinary

ordinary

26 weeks ended 24 January 2016 unaudited

 

£000

share

share

Earnings (profit after tax)

 

30,796

26.6

25.9

Exclude effect of exceptional items after tax

 

(4,275)

(3.7)

(3.6)

Earnings before exceptional items

 

26,521

22.9

22.3

Exclude effect of property gains/(losses)

 

(3,845)

(3.3)

(3.2)

Underlying earnings before exceptional items

 

22,676

19.6

19.1

 

 

 

 

 

 

 

 

 

 

 

 

Profit

Basic EPS

Diluted EPS

 

 

 

pence per

pence per

 

 

 

ordinary

ordinary

52 weeks ended 24 July 2016 audited

 

£000

share

share

Earnings (profit after tax)

 

51,206

44.5

43.4

Exclude effect of exceptional items after tax

 

5,715

5.0

4.9

Earnings before exceptional items

 

56,921

49.5

48.3

Exclude effect of property gains/(losses)

 

(5,335)

(4.7)

(4.5)

Underlying earnings before exceptional items

 

51,586

44.8

43.8

 

 

9.    Earnings and free cash flow per share (continued)

 

 

 

Free cash

Basic free

Diluted free

 

 

flow

cash flow

cash flow

 

 

 

pence per

pence per

 

 

 

ordinary

ordinary

 

 

£000

share

share

26 weeks ended 22 January 2017

 

49,224

45.2

44.2

26 weeks ended 24 January 2016

 

55,700

48.2

46.8

52 weeks ended 24 July 2016

 

90,485

78.7

76.7

 

The calculation of free cash flow per share is based on the net cash generated by business activities and available for investment in new pub developments and extensions to current pubs, after funding interest, corporation tax, loan issue costs, all other reinvestment in pubs open at the start of the period and the purchase of own shares under the employee share-based schemes ('free cash flow'). It is calculated before taking account of proceeds from property disposals, inflows and outflows of financing from outside sources and dividend payments and is based on the weighted average number of shares in issue, including those held in trust in respect of the employee share schemes.

 

 

10.   Cash generated from operations

 

Notes

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Profit for the period

 

30,310

30,796

51,206

Adjusted for:

 

 

 

 

Tax

8

9,622

5,846

14,843

Share-based charges

5

4,966

3,895

9,556

Loss/(gain) on disposal of property, plant and equipment

6

5,680

(3,821)

2,462

Net onerous lease provision

6

122

(847)

545

Net impairment charge

7

5,169

89

5,539

Interest receivable

 

(38)

(76)

(116)

Interest payable

 

12,533

15,545

30,973

Depreciation of property, plant and equipment

11

32,741

32,089

65,297

Amortisation of intangible assets

12

3,332

2,713

5,949

Depreciation on investment properties

13

28

31

62

Amortisation of other non-current assets

14

206

209

904

Amortisation of bank loan issue costs

15

1,777

1,797

3,595

Aborted properties costs

 

631

202

614

Net exceptional finance income

 

(402)

-

-

 

 

106,677

88,468

191,429

Change in inventories

 

(1,233)

(562)

283

Change in receivables

 

(793)

(1,585)

954

Change in payables

 

401

14,320

(10,830)

Cash flow from operating activities

 

105,052

100,641

181,836

 

11.   Property, plant and equipment

 

 

 

Freehold and

Short-

Equipment,

Assets

Total

 

 

 

long-leasehold

leasehold

fixtures

under

 

 

 

 

property

property

and fittings

construction

 

 

 

 

£000

£000

£000

£000

£000

Cost:

 

 

 

 

 

 

 

At 26 July 2015

 

 

876,021

425,350

520,781

62,779

1,884,931

Additions

 

 

24,009

1,802

15,024

23,526

64,361

Transfers

 

 

24,766

1,498

5,043

(31,307)

-

Exchange differences

 

 

443

142

223

1,065

1,873

Transfer to held for sale

 

 

-

(2,575)

(1,690)

-

(4,265)

Disposals

 

 

-

(1,097)

(1,316)

-

(2,413)

Reclassification

 

 

4,208

(4,208)

-

-

-

At 24 January 2016

 

 

929,447

420,912

538,065

56,063

1,944,487

Additions

 

 

29,887

7,811

17,006

6,807

61,511

Transfers

 

 

2,799

312

797

(3,908)

-

Exchange differences

 

 

622

201

326

1,583

2,732

Transfer to held for sale

 

 

(3,869)

(1,889)

(2,149)

-

(3,642)

Disposals

 

 

(32,488)

(4,342)

(12,920)

-

(54,015)

Reclassification

 

 

9,344

(9,344)

-

-

-

At 24 July 2016

 

 

935,742

413,661

541,125

60,545

1,951,073

Additions

 

 

52,097

1,855

14,507

27,241

95,700

Transfers

 

 

14,403

3,163

2,860

(20,426)

-

Exchange differences

 

 

435

80

156

365

1,036

Transfer to held for sale

 

 

(10,059)

(5,004)

(4,493)

-

(19,556)

Disposals

 

 

(13,723)

(8,082)

(10,813)

-

(32,618)

Reclassification

 

 

16,546

(16,546)

-

-

-

At 22 January 2017

 

 

995,441

389,127

543,342

67,725

1,995,635

 

 

 

 

 

 

 

 

Accumulated depreciation and impairment:

 

 

 

 

At 26 July 2015

 

 

(174,449)

(204,712)

(352,014)

-

(731,175)

Provided during the period

 

 

(7,315)

(7,073)

(17,701)

-

(32,089)

Transfers

 

 

-

-

-

-

-

Exchange differences

 

 

(1)

(1)

(6)

-

(8)

Impairment loss

 

 

-

(71)

(18)

-

(89)

Transfer to held for sale

 

 

-

2,495

1,574

-

4,069

Disposals

 

 

-

749

1,093

-

1,842

Reclassification

 

 

(3,191)

3,191

-

-

-

At 24 January 2016

 

 

(184,956)

(205,422)

(367,072)

-

(757,450)

Provided during the period

 

 

(7,427)

(7,601)

(18,180)

-

(33,208)

Transfers

 

 

-

-

-

-

-

Exchange differences

 

 

(17)

(10)

(91)

-

(118)

Impairment loss

 

 

(869)

(2,915)

(936)

-

(4,720)

Transfer to held for sale

 

 

3,228

1,846

1,883

-

6,957

Disposals

 

 

12,484

3,475

10,019

-

25,978

Reclassification

 

 

(3,483)

3,483

-

-

-

At 24 July 2016

 

 

(181,040)

(207,144)

(374,377)

-

(762,561)

Provided during the period

 

 

(7,746)

(6,729)

(18,266)

-

(32,741)

Transfers

 

 

-

-

-

-

-

Exchange differences

 

 

(13)

(8)

(82)

-

(103)

Impairment loss

 

 

(3,885)

(836)

(447)

-

(5,168)

Transfer to held for sale

 

 

6,134

5,234

4,055

-

15,423

Disposals

 

 

6,259

4,400

8,108

-

18,767

Reclassification

 

 

(9,644)

9,644

-

-

-

At 22 January 2017

 

 

(189,935)

(195,439)

(381,009)

-

(766,383)

 

 

 

 

 

 

 

 

Net book amount at 22 January 2017

805,506

193,688

162,333

67,725

1,229,252

Net book amount at 24 July 2016

 

754,702

206,517

166,748

60,545

1,188,512

Net book amount at  24 January 2016

744,491

215,490

170,993

56,063

1,187,037

Net book amount at 26 July 2015

 

701,572

220,638

168,767

62,779

1,153,756

 

 

 

 

11.   Property, plant and equipment (continued)

 

During the period, seven (2016: three) pubs, with a carrying value of £4,133,000 (2016: £196,000), were classified as held for sale. These pubs are being disposed of as part of the Company's pub-disposal programme. Other movements include property impairment and foreign currency translation.

 

In addition, a carrying value of £49,000 was transferred out of other non-current assets held for sale, totalling £4,182,000, related to the same pubs.

 

 

12.   Intangible assets

 

 

 

 

 

 

 

£000

Cost:

 

 

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

53,353

Additions

 

 

 

 

 

 

2,645

At 24 January 2016

 

 

 

 

 

 

55,998

Additions

 

 

 

 

 

 

598

Disposals

 

 

 

 

 

 

(5)

At 24 July 2016

 

 

 

 

 

 

56,591

Additions

 

 

 

 

 

 

7,090

Transfer to held for sale

 

 

 

 

 

 

(8)

Disposals

 

 

 

 

 

 

(6)

At 22 January 2017

 

 

 

 

 

 

63,667

 

 

 

 

 

 

 

 

Accumulated amortisation and impairment:

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

(23,356)

Provided during the period

 

 

 

 

 

 

(2,713)

At 24 January 2016

 

 

 

 

 

 

(26,069)

Provided during the period

 

 

 

 

 

 

(3,236)

Exchange differences

 

 

 

 

 

 

(1)

Impairment loss (reversal)

 

 

 

 

 

 

(239)

Disposals

 

 

 

 

 

 

5

At 24 July 2016

 

 

 

 

 

 

(29,540)

Provided during the period

 

 

 

 

 

 

(3,332)

Transfer to held for sale

 

 

 

 

 

 

8

Disposals

 

 

 

 

 

 

6

At 22 January 2017

 

 

 

 

 

 

(32,858)

 

 

 

 

 

 

 

 

Net book amount at 22 January 2017

 

 

 

 

 

30,809

Net book amount at 24 July 2016

 

 

 

 

 

27,051

Net book amount at 24 January 2016

 

 

 

 

 

29,929

Net book amount at 26 July 2015

 

 

 

 

 

 

29,997

 

The intangible assets relates to computer software and development.

 

 

 

 

13.   Investment property

 

 

 

 

 

 

 

 

£000

Cost:

 

 

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

8,754

Additions

 

 

 

 

 

 

-

At 24 January 2016

 

 

 

 

 

 

8,754

Additions

 

 

 

 

 

 

-

Disposals

 

 

 

 

 

 

(1,003)

At 24 July 2016

 

 

 

 

 

 

7,751

Additions

 

 

 

 

 

 

-

At 22 January 2017

 

 

 

 

 

 

7,751

 

 

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

(103)

Provided during the period

 

 

 

 

 

 

(31)

At 24 January 2016

 

 

 

 

 

 

(134)

Provided during the period

 

 

 

 

 

 

(31)

Disposals

 

 

 

 

 

 

19

At 24 July 2016

 

 

 

 

 

 

(146)

Provided during the period

 

 

 

 

 

 

(28)

At 22 January 2017

 

 

 

 

 

 

(174)

 

 

 

 

 

 

 

 

Net book amount at 22 January 2017

 

 

 

 

 

 

7,577

Net book amount at 24 July 2016

 

 

 

 

 

 

7,605

Net book amount at 24 January 2016

 

 

 

 

 

 

8,620

Net book amount at 26 July 2015

 

 

 

 

 

 

8,651

 

Rental income received in the period from investment properties was £177,000 (2016: £191,000).

Operating costs, excluding depreciation, incurred in relation to these properties amounted to £4,000 (2015: £28,000).

 

In the opinion of the directors, the cost as stated above is equivalent to the fair value of properties.

 

 

 

14.   Other non-current assets

 

 

 

 

 

 

 

Lease premiums

 

 

 

 

 

 

 

£000

Cost:

 

 

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

15,205

Disposals

 

 

 

 

 

 

-

At 24 January 2016

 

 

 

 

 

 

15,205

Additions

 

 

 

 

 

 

1,090

Disposals

 

 

 

 

 

 

(65)

At 24 July 2016

 

 

 

 

 

 

16,230

Transfer to held for sale

 

 

 

 

 

 

(76)

Disposals

 

 

 

 

 

 

(1,661)

At 22 January 2017

 

 

 

 

 

 

14,493

 

 

 

 

 

 

 

 

Accumulated amortisation and impairment:

 

 

 

 

 

 

 

At 26 July 2015

 

 

 

 

 

 

(5,177)

Provided during the period

 

 

 

 

 

 

(209)

Exchange differences

 

 

 

 

 

 

(1)

Impairment loss (reversal)

 

 

 

 

 

 

(11)

At 24 January 2016

 

 

 

 

 

 

(5,398)

Provided during the period

 

 

 

 

 

 

(695)

Exchange differences

 

 

 

 

 

 

3

Impairment loss (reversal)

 

 

 

 

 

 

(480)

Disposals

 

 

 

 

 

 

65

At 24 July 2016

 

 

 

 

 

 

(6,505)

Provided during the period

 

 

 

 

 

 

(206)

Transfer to held for sale

 

 

 

 

 

 

27

Disposals

 

 

 

 

 

 

884

At 22 January 2017

 

 

 

 

 

 

(5,800)

 

 

 

 

 

 

 

 

Net book amount at 22 January 2017

 

 

 

 

 

 

8,693

Net book amount at 24 July 2016

 

 

 

 

 

 

9,725

Net book amount at 24 January 2016

 

 

 

 

 

 

9,807

Net book amount at 26 July 2015

 

 

 

 

 

 

10,028

 

 

 

15.   Analysis of change in net debt

 

 

 

 

 

24 July

Cash

Non-cash

22 January

 

 

 

 

2016

flows

movement

2017

 

 

 

 

£000

£000

£000

£000

Borrowings

 

 

 

 

 

 

 

Cash in hand

 

 

 

32,658

(3,932)

-

28,726

Other loans

 

 

 

(112)

58

(26)

(80)

Current net borrowings

 

 

 

32,546

(3,874)

(26)

28,646

 

 

 

 

 

 

 

 

Bank loans - due after one year

 

 

 

(683,104)

(39,588)

(1,777)

(724,469)

Other loans

 

 

 

(202)

-

26

(176)

Non-current net borrowings

 

 

 

(683,306)

(39,588)

(1,751)

(724,645)

 

 

 

 

 

 

 

 

Net debt

 

 

 

(650,760)

(43,462)

(1,777)

(695,999)

 

 

 

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

Interest-rate swaps asset - due after one year

 

-

-

17,645

17,645

Interest-rate swaps liability - due before one year

 

(79)

-

79

-

Interest-rate swap liability - due after one year

 

(63,398)

-

12,657

(50,741)

Total derivatives

 

 

 

(63,477)

-

30,381

(33,096)

 

 

 

 

 

 

 

 

Net debt after derivatives

 

 

 

(714,237)

(43,462)

28,604

(729,095)

 

During the financial period, the Company entered into three tranches of forward-starting interest-rate swap agreements totalling £850m. The weighted average interest rate of the first tranche of swaps is 0.6585% from October 2016 to July 2026. The weighted average interest rate of second tranche of swaps is 1.1961% from July 2021 to July 2026. The weighted average interest rate of the third tranche of swaps is 1.1961% from July 2023 to July 2026. Using interest rates swaps, the company has fixed interest rates on £600m of debt until July 2026.

 

 

16.   Fair values

 

The table below highlights any differences between the book value and the fair value of financial instruments.

 

 

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Audited

 

22 January

22 January

24 January

24 January

24 July

24 July

 

2017

2017

2016

2016

2016

2016

 

Book value

Fair value

Book value

Fair value

Book value

Fair value

 

£000

£000

£000

£000

£000

£000

Financial assets at amortised cost

 

 

 

 

 

 

Cash and cash equivalents

28,726

28,726

29,345

29,345

32,658

32,658

Receivables

4,312

4,312

5,287

5,287

2,236

2,236

 

 

 

 

 

 

 

Financial liabilities at amortised cost

 

 

 

 

 

 

Trade and other payables

(224,316)

(224,316)

(227,136)

(227,136)

(216,875)

(216,875)

Finance lease obligations

-

-

(695)

(695)

-

-

Borrowings

(724,725)

(721,025)

(654,793)

(656,111)

683,418

684,037

 

 

 

 

 

 

 

Financial assets at fair value

 

 

 

 

 

 

Non-current interest-rate swap assets:

cash flow hedges

17,645

17,645

-

-

-

-

 

 

 

 

 

 

 

Financial liabilities at fair value

 

 

 

 

 

 

Current interest-rate swap liabilities:

cash flow hedges

-

-

(3,988)

(3,988)

(79)

(79)

Non-current interest-rate swap liabilities:

cash flow hedges

(50,741)

(50,741)

(44,505)

(44,505)

(63,398)

(63,398)

 

 

 

The fair value of finance leases has been calculated by discounting the expected cash flows at the period end's prevailing interest rates. The fair value of derivatives has been calculated by discounting all future cash flows by the market yield curve at the balance sheet date. The fair value of borrowings has been calculated by discounting the expected future cash flows at the period end's prevailing interest rates. The fair value of receivables excludes prepayment and accrued income. The fair value of trade and other payables excludes other taxes and Social Security.

 

15.   Fair values (continued)

 

Interest-rate swaps

 

At 22 January 2017, the Company had fixed-rate swaps designated as hedges of floating-rate borrowings. The floating-rate borrowings are interest-bearing borrowings at rates based on LIBOR, fixed for periods of one month. The interest-rate swaps of the floating-rate borrowings were assessed to be effective.

 

 

 

 

Change in

Deferred

Total

 

 

 

 

fair value

tax

 

Changes in valuation of swaps

 

 

 

£000

£000

£000

Fair value at 24 January 2016 (unaudited)

 

 

48,493

(8,728)

39,765

Loss taken directly to other comprehensive income

 

14,984

(2,698)

12,286

Fair value at 24 July 2016 (audited)

 

 

 

63,477

(11,426)

52,051

 

 

 

 

 

 

 

Tax rate change

 

 

 

-

304

304

Gain taken directly to other comprehensive income

 

(30,381)

5,496

(24,885)

Fair value at 22 January 2017 (unaudited)

 

 

33,096

(5,626)

27,470

 

 

Fair value of financial assets and liabilities

 

Effective from 27 July 2009, the Company adopted the amendment to IFRS 13 for financial instruments which are measured in the balance sheet at fair value. This requires disclosure of fair value measurements by level, using the following fair value measurement hierarchy:

·      Quoted prices in active markets for identical assets or liabilities (level 1)

·      Inputs other than quoted prices included in level 1 which are observable for the asset or liability, either directly or indirectly (level 2)

·      Inputs for the asset or liability which are not based on observable market data (level 3)

The fair value of the interest-rate swaps of £33.1m is considered to be level 2. All other financial assets and liabilities are measured in the balance sheet at amortised cost.

 

 

17.   Dividends paid and proposed

 

 

Unaudited

Unaudited

Audited

 

 

26 weeks

26 weeks

52 weeks

 

 

ended

ended

ended

 

 

22 January

24 January

24 July

 

 

2017

2016

2016

 

 

£000

£000

£000

Paid in the period

 

 

 

 

2015 final dividend

 

-

9,543

9,543

2016 interim dividend

 

8,933

-

4,647

 

 

8,933

9,543

14,190

 

 

 

 

 

Dividends in respect of the period

 

 

 

 

Interim dividend

 

4,416

4,625

-

Final dividend

 

-

-

9,084

 

 

4,416

4,625

9,084

 

 

 

 

 

Dividend per share

 

4p

4p

8p

Dividend cover

 

3.4

3.2

3.6

 

Dividend cover is calculated as profit after tax and exceptional items over dividend paid.

 

 

 

 

18.   Share capital

 

 

 

Number of

Share

 

 

 

shares

capital

 

 

 

000s

£000

Opening balance at 26 July 2015 (audited)

 

 

119,349

2,387

Repurchase of shares

 

 

(624)

(12)

Closing balance at 24 January 2016 (unaudited)

 

 

118,725

2,375

Repurchase of shares

 

 

(5,070)

(102)

Balance at 24 July 2016 (audited)

 

 

113,655

2,273

Repurchase of shares

 

 

(3,106)

(62)

Closing balance at 22 January 2017 (unaudited)

 

 

110,549

2,211

 

All issued shares are fully paid.

 

During the half year, 3,106,300 shares were repurchased by the Company for cancellation, representing approximately 2.8% of the issued share capital, at a cost of £28.4m, including stamp duty, representing an average cost per share of 916p.At the half year end, the Company had liability for share purchases of £3.1m which was settled post half year end.

 

 

19.   Related-party disclosure

 

There were no material changes to related-party transactions described in the last annual financial statements. There have been no related-party transactions having a material effect on the Company's financial position or performance in the first half of the current financial year.

 

 

20.   Capital commitments

 

The Company had £5.6m of capital commitments for which no provision had been made, in respect of property, plant and equipment, at 22 January 2017 (2016: £21.2m).

 

The Company has some sites in the property pipeline; however, any legal commitment is contingent on planning and licensing. Therefore, there are no commitments at the balance sheet date, in respect of these sites.

 

                       STATEMENT OF DIRECTORS’ RESPONSIBILITIES

 

The directors confirm that this condensed interim financial information has been prepared in accordance with IAS 34, as adopted by the European Union, and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

 

·      an indication of important events which have occurred during the first 26 weeks and their impact on the condensed set of financial statements, plus a description of the changes in principal risks and uncertainties for the remaining 26 weeks of the financial year.

·      material related-party transactions in the first 26 weeks and any material changes in the related-party transactions described in the last annual report.

 

The directors of J D Wetherspoon plc are listed in the J D Wetherspoon annual report for 24 July 2016. A list of current directors is maintained on the J D Wetherspoon plc website:

www.jdwetherspoon.com

 

By order of the board

 

 

 

 

John Hutson                                                                                         Ben Whitley

Director                                                                                                   Director

9 March 2017                                                                                          9 March 2017

 

 

 

 

 

 

 

INDEPENDENT REVIEW REPORT TO J D WETHERSPOON PLC

 

Report on the interim financial statements

 

Our conclusion

We have reviewed J D Wetherspoon plc's interim financial statements (the "interim financial statements") in the interim report 2017 of

J D Wetherspoon plc for the 26 week period ended 22 January 2017. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority

 

What we have reviewed

The interim financial statements comprise:

·      the balance sheet as at 22 January 2017;

·      the income statement and statement of comprehensive income for the period then ended;

·      the cash flow statement for the period then ended;

·      the statement of changes in shareholders' equity for the period then ended; and

·      the explanatory notes to the interim financial statements.

 

The interim financial statements included in the interim report 2017 have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Company is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

 

Responsibilities for the interim financial statements and the review

 

Our responsibilities and those of the directors

The interim report 2017, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report 2017 in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

Our responsibility is to express a conclusion on the interim financial statements in the interim report 2017 based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose.  We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

We have read the other information contained in the interim report 2017 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

 

 

 

 

PricewaterhouseCoopers LLP

Chartered Accountants

9 March 2017

London

 

Notes:

(a)   The maintenance and integrity of the J D Wetherspoon plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim financial statements since they were initially presented on the website.

(b)   Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

 

                   PUBS OPENED SINCE 25 JULY 2016

Name

Address

Town

Postcode

Country

 

 

 

 

 

The Iron Duke

Town Hall Buildings, Fore Street

Wellington

TA21 8LS

UK

 

 

 

 

 

The Caley Picture House

31 Lothian Road

Edinburgh

EH1 2DJ

UK

 

 

 

 

 

 

                  PUBS CLOSED SINCE 25 JULY 2016

Name

Address

Town

Postcode

Country

 

 

 

 

 

The Secklow Hundred

316 Midsummer Boulevard

Milton Keynes

MK9 2EA

UK

 

 

 

 

 

The Glass Works

The N1 Centre, Parkfield Street

Islington

N1 0PS

UK

 

 

 

 

 

The Regent

19 Church Street

Walton-on-Thames

KT12 2QP

UK

 

 

 

 

 

The Monks' Retreat

163 Friar Street

Reading

RG1 1HE

UK

 

 

 

 

 

The London Inn

15-16 Strand

Torquay

TQ1 2AA

UK

 

 

 

 

 

The William Jolle

53 The Broadway

Northwood Hills

HA6 1NZ

UK

 

 

 

 

 

The Kings Hall

11-13 Station Road

Cheadle Hulme

SK8 5AF

UK

 

 

 

 

 

The Sir Timothy Shelley

47¬-49 Chapel Road

Worthing

BN11 1EG

UK

 

 

 

 

 

The Old Courthouse

Castlerock Road

Coleraine

BT51 3HP

UK

 

 

 

 

 

The Leaping Salmon

Golden Square, Bank Hill

Berwick-upon-Tweed

TD15 1BG

UK

 

 

 

 

 

The Almond Bank

31-32 Almondvale Road

Livingston

EH54 6HP

UK

 

 

 

 

 

The Spinning Mill

17-21 Broughshane Street

Ballymena

BT43 6EB

UK

 

 

 

 

 

The William Wilberforce

Trinity House Lane

Kingston Upon Hull

HU1 2JD

UK

 

 

 

 

 

The Gatehouse

1 Bird Street

Lichfield

WS13 6PW

UK

 

 

 

 

 

The Capitol

7-9 Seagate

Dundee

DD1 2EG

UK

 

 

 

 

 

The Thomas Mildmay

7 Grays Brewery Yard

Chelmsford

CM2 6QR

UK

 

 

 

 

 

The Fleur-de-Lis

63-67 Broad Street

Banbury

OX16 5BL

UK

 

 

 

 

 

The Merton Inn

42 Merton Road

Bootle

L20 3BW

UK

 

 

 

 

 

The Milson Rhodes

Unit 1D, School Lane

Didsbury

M20 6RD

UK

 

 

 

 

 

The Cribbar

11-19 Gover Lane

Newquay

TR7 1ER

UK

 

 

 

 

 

The Ice Barque

Fredrick Ward Way

Grimsby

DN31 1XZ

UK

 

 

 

 

 

The Linen Hall

Townhall Street

Enniskillen

BT74 7BD

UK

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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