REG - Wetherspoon (JD) PLC - Half-year Report

J D WetherspoonAnnouncement

16/03/2018 07:05

RNS Number : 9155H
Wetherspoon (JD) PLC
16 March 2018
16 March 2018
J D WETHERSPOON PLC
PRELIMINARY RESULTS
(For the 26 weeks ended 28 January 2018)
FINANCIAL HIGHLIGHTS
Before exceptional items
 Revenue 830.4m (2017: 801.4m) 
+3.6%*
 Like-for-like sales
+6.1%
 Profit before tax 62.0m (2017: 51.4m)
 Operating profit 74.0m (2017: 65.1m)
 Earnings per share (including shares held in trust) 45.7p (2017: 33.8p)
+20.6%
+13.6%
+35.2%
 Free cash flow per share 34.8p (2017: 44.2p)
-21.3%
 Interim dividend 4.0p (2017: 4.0p)
Maintained
After exceptional items**
 Profit before tax 54.3m (2017: 39.9m)
 Operating profit 74.0m (2017: 65.1m)
+36.1%
+13.6%
 Earnings per share (including shares held in trust) 39.2p (2017: 27.2p)
+44.1%
* In our pre-close statement of 24 January 2018, we stated that total sales growth was 4.3%. For the purposes of the pre-close statement, we compared weeks 1 to 25 of this financial year with weeks 2 to 26 of the last financial year - the same 25 'calendar weeks'. In the current half-year statement, we compare weeks 1 to 26 of this financial year with weeks 1 to 26 of the previous financial year. The reason for the difference in reference periods is that the year ended 30 July 2017 was a 53-week period.
**Exceptional items as disclosed in account note 7 to the Interim Report 2018.
Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said:
"There has been a huge debate, since the referendum, about the economic effects of Brexit.
In particular, trade organisations like the CBI and the BRC, supported by the FT, the Sunday Times, the Guardian, the chairmen of Whitbread and Sainsbury's and others, have misled the public by saying that food prices will automatically rise if we leave the EU without a deal.
"This is a fallacy - the EU is a protectionist organisation which imposes high taxes on food, clothing, wine and thousands of other items from non-EU countries - which comprise around 93% of the world's population. Like Monty Python's Dennis Moore, as illustrated by Sam Akaki in appendix 1 below, the EU ".steals from the poor and gives to the rich".
"In fact, MPs have the power to eliminate these import taxes in March 2019, thereby reducing prices for the public, just as their predecessors achieved the same objective by repealing the Corn Laws almost two centuries ago.
"Two articles I have written on this subject for Wetherspoon News (appendix 1) and
The Independent newspaper (appendix 2) are included below. The issues have also been examined by Matt Ridley in The Times (appendix 3).
"Another frequently repeated Brexit concern is that the much bigger EU economy will be better able to withstand a Mexican standoff than the UK.
"This is also a fallacy. For example, Wetherspoon is one of the biggest customers, or possibly the biggest customer, of the excellent Swedish cider-maker Kopparberg. If trade barriers were imposed, so as to make Kopparberg uneconomic, then Wetherspoon could switch to UK suppliers or those from elsewhere in the world.
"In this case, the principal losers in a trade war would be the inhabitants of a small town in Sweden, where Kopparberg is produced, rather than the UK economy. Unfortunately for the Swedes, the EU negotiators, unlike those of the UK, are not subject to judgement at the ballot box, so Kopparberg's influence on the outcome may be minimal.
"The same principle applies to thousands of EU imports including Prosecco, Champagne and many wines and spirits - in almost all cases there are suitable, and often excellent, alternatives to EU products available elsewhere.
"In fact, the biggest danger for EU producers, whose wine industry, for example, has lost huge market share to the New World, in spite of import taxes, is that UK consumers take umbrage at what they see as the overbearing behaviour of EU negotiators, and decide to favour products which originate elsewhere.
"Provided that the UK parliament votes to eliminate tariffs, EU producers will, in any event, be faced with a far more competitive UK market - since New Zealand wine producers, for example, will be able to compete on an equal, import tax-free basis, for the first time. So, the antagonistic approach of EU negotiators, which risks alienating UK consumers, is extremely unhelpful to businesses within their own bloc.
"Most economists who criticise Brexit use hypothetical arguments, but, in the real world, the UK can eliminate import taxes, improving living standards and simplifying the Byzantine tax system - both of these factors will improve the outlook for consumers and businesses in the UK.
"In the six weeks to 11 March 2018, like-for-like sales increased by 3.8% and total sales increased by 2.6%.
"The company anticipates higher costs in the second half of the financial year, in areas including pay, taxes and utilities. In view of these additional costs, and our expectation that growth in 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 slightly better-than-expected year-to-date sales, we currently anticipate an unchanged trading outcome for the current financial year."
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 2017 has been published on the Company's website on 15 September 2017.
5. The current financial year comprises 52 trading weeks to 29 July 2018.
6. The next trading update will be issued on 9 May 2018.
CHAIRMAN'S STATEMENT AND OPERATING REVIEW
In the 26 weeks ended 28 January 2018, like-for-like sales increased by 6.1%
with total sales increasing by 3.6% to 830.4m (2017: 801.4m).
Like-for-like bar sales increased by 5.7% (2017: 2.4%), food by 6.9% (2017: 5.1%) and fruit machines by 4.6% (2017: decreased by 2.1%). Like-for-like room sales at our hotels increased by 3.1% (2017: 14.8%). Bar sales were 61.0% of total sales, food 35.3%, fruit machines 2.5% and room sales 1.1%.
Operating profit increased by 13.6% to 74.0m (2017: 65.1m). The operating margin was 8.9% (2017: 8.1%). Profit before tax and exceptional items increased by 20.6% to 62.0m (2017: 51.4m). The improved performance in the period was due mainly to strong sales and the sale of some lower-margin pubs.
Earnings per share, including shares held in trust by the employee share scheme, and before exceptional items, increased by 35.2% to 45.7p (2017: 33.8p). Earnings-per-share growth was higher than profit growth, mainly as a result of share buybacks.
As illustrated in the table in the tax section below, the company paid taxes of 356.1m in the period under review, approximately 30.2% higher than five years ago (2013: 273.5m).
Net interest was covered 5.5 times by profit before interest, tax and exceptional items (2017: 4.6 times). Total capital investment was 61.4m in the period (2017: 102.8m). 7.5m was spent on freehold reversions of properties where Wetherspoon was the tenant (2017: 55.8m), 35.1m on existing pubs (2017: 28.6m) and 18.8m on new pub openings and extensions (2017: 18.4m).
Exceptional items totalled 6.8m (2017: 7.3m). Twelve pubs were sold or closed in the period. There was a 5.9m (2017: 6.6m) loss on disposal and an impairment charge of 1.1m (2017: 5.2m) for closed pubs and pubs which are on the market. The cash effect of the exceptional charges was an inflow of 0.8m from the proceeds of pub disposals.
Free cash flow, after capital investment of 35.0m in existing pubs (2017: 28.4m) and payments of tax and interest, was 36.8m (2017: 49.2m). Free cash flow per share decreased by 21.3% to 34.8p (2017: 44.2p). The decrease was due mainly to increased expenditure on existing pubs, increased corporation tax payments and a
reduction in payables.
Dividends
The board declared an interim dividend of 4.0p per share for the current interim financial period ending 28 January 2018 (2017: 4.0p per share). The interim dividend will be paid on 31 May 2018 to those shareholders on the register at 4 May 2018.
Corporation tax
We expect the overall corporation tax charge for the financial year, including current and deferred taxation, to be approximately 23.4% before exceptional items (30 July 2017: 25.1%). This reduction is due primarily to decreases in the amounts of non-qualifying depreciation and expenditure not allowable for tax purposes.
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.
Share buybacks
During the half year, 3,497,500 shares were repurchased by the company for cancellation, representing approximately 3.21% of the issued share capital, at a cost of 36m, including stamp duty, representing an average cost per share of 1,025p.
At the year end, the company had a liability for share purchases of 15.5m which was settled during the half year, ended 28 January 2018.
Financing
As at 28 January 2018, the company's net debt, including bank borrowings and finance leases, but excluding derivatives, was 756.4m, an increase of 60.1m, compared with that of the previous year end (30 July 2017: 696.3m).
The net-debt-to-EBITDA ratio was 3.48 times at the period end (30 July 2017: 3.39). The company has total bank facilities available, excluding finance leases, of 860m (30 July 2017: 860m).
For the foreseeable future, it is intended that the company's net-debt-to-EBITDA ratio will be around 3.5 times. The ratio would rise for a temporary period, if there were, for example, 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.
As indicated previously, a higher level of debt may be justifiable when interest rates are low and other factors are favourable.
Property
During the period, we opened three new pubs and closed 12, bringing the number open at the period end to 886. Following a review of our estate, in recent years, we placed around 100 pubs on the market, 88 of which have now been sold, are under contract or have been closed.
UK taxes and regulation
Pubs and restaurants pay proportionally 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 rgime 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
2018
2017
(estimate - UK only)
m
m
VAT
162.5
156.5
Alcohol duty
85.4
79.3
PAYE and NIC
54.1
45.1
Business rates
27.5
25.3
Corporation tax
12.2
8.3
Machine duty
5.2
5.0
Climate change levy
4.5
4.8
Carbon tax
1.7
1.7
Landfill tax
1.3
1.2
Fuel duty
1.0
1.0
Premise licence and TV licences
0.4
0.4
Stamp duty
0.3
3.0
TOTAL TAX
356.1
331.6
Tax per pub (000)
402.0
362.8
Tax as % of sales
42.9%
41.4%
Pre-exceptional profit after tax
48.2
37.7
Profit after tax as % of sales
5.8%
4.7%
Further progress
As previously highlighted, the company's philosophy is to try continuously to upgrade as many areas of the business as possible.
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. Currently , 92% of our pubs have obtained the maximum five rating, under the FSA scheme, with 98% of pubs receiving a rating of four or above. This record reflects extremely hard work by our central catering, audit and operations team, as well as by the teams in our pubs.
We have recently been recognised as a 'Top Employer UK' by the Top Employers Institute for 15 consecutive years.
The company has also recently been recognised for the quality of the facilities in its pubs, winning in six categories at the 'loo of the year' awards.
During the period under review, we allocated 21.2m in bonuses and free shares to employees, 97% of which was paid to those below board level and 84% to those working in our pubs.
Current trading and outlook
There has been a huge debate, since the referendum, about the economic effects of Brexit. In particular, trade organisations like the CBI and the BRC, supported by the FT, the Sunday Times, the Guardian, the chairmen of Whitbread and Sainsbury's and others, have misled the public by saying that food prices will automatically rise if we leave the EU without a deal.
This is a fallacy - the EU is a protectionist organisation which imposes high taxes on food, clothing, wine and thousands of other items from non-EU countries - which comprise around 93% of the world's population. Like Monty Python's Dennis Moore, as illustrated by Sam Akaki in appendix 1 below, the EU ".steals from the poor and gives to the rich".
In fact, MPs have the power to eliminate these import taxes in March 2019, thereby reducing prices for the public, just as their predecessors achieved the same objective by repealing the Corn Laws almost two centuries ago.
Two articles I have written on this subject for Wetherspoon News (appendix 1) and The Independent newspaper (appendix 2) are included below. The issues have also been examined by Matt Ridley in The Times (appendix 3).
Another frequently repeated Brexit concern is that the much bigger EU economy will be better able to withstand a Mexican standoff than the UK.
This is also a fallacy. For example, Wetherspoon is one of the biggest customers, or possibly the biggest customer, of the excellent Swedish cider-maker Kopparberg. If trade barriers were imposed, so as to make Kopparberg uneconomic, then Wetherspoon could switch to UK suppliers or those from elsewhere in the world.
In this case, the principal losers in a trade war would be the inhabitants of a small town in Sweden, where Kopparberg is produced, rather than the UK economy. Unfortunately for the Swedes, the EU negotiators, unlike those of the UK, are not subject to judgement at the ballot box, so Kopparberg's influence on the outcome may be minimal.
The same principle applies to thousands of EU imports including Prosecco, Champagne and many wines and spirits - in almost all cases there are suitable, and often excellent, alternatives to EU products available elsewhere.
In fact, the biggest danger for EU producers, whose wine industry, for example, has lost huge market share to the New World, in spite of import taxes, is that UK consumers take umbrage at what they see as the overbearing behaviour of EU negotiators, and decide to favour products which originate elsewhere.
Provided that the UK parliament votes to eliminate tariffs, EU producers will, in any event, be faced with a far more competitive UK market - since New Zealand wine producers, for example, will be able to compete on an equal, import tax-free basis, for the first time. So, the antagonistic approach of EU negotiators, which risks alienating UK consumers, is extremely unhelpful to businesses within their own bloc.
Most economists who criticise Brexit use hypothetical arguments, but, in the real world, the UK can eliminate import taxes, improving living standards and simplifying the Byzantine tax system - both of these factors will improve the outlook for consumers and businesses in the UK.
In the six weeks to 11 March 2018, like-for-like sales increased by 3.8% and total sales increased by 2.6%.
The company anticipates higher costs in the second half of the financial year, in areas including pay, taxes and utilities. In view of these additional costs, and our expectation that growth in 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 slightly better-than-expected year-to-date sales, we currently anticipate an unchanged trading outcome for the current financial year.
Tim Martin
Chairman
15 March 2018
Appendix 1 - Tim's Viewpoint, Wetherspoon News, spring 2018
Ignore daft ideas - the public does know best
Wetherspoon News foils the CBI plan to fool the public about food prices
Few people are capable of expressing, with equanimity, opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
- Albert Einstein
Wetherspoon News has had, at least, a temporary victory in the battle to correct the myth that food prices would inevitably rise in the absence of a 'deal' with the EU - a battle in which we took on much of the national press and big business.
The perpetrators of the myth - the CBI, the British Retail Consortium, the Financial Times, The Sunday Times, The Guardian, the chairmen of Sainsbury's and Whitbread and others - have had to accept that MPs do, indeed, have the power, in March next year, to lower food prices at a stroke, by voting to eliminate taxes, also called tariffs, on non-EU food imports, including coffee, rice, wine and thousands of other products.
Imports
This will mean, under World Trade Organisation rules, that there are no taxes, either, on food imports from the EU itself.
In addition, on leaving, MPs have the power, as government lawyers have repeatedly stated, to end the 200 million per week of net payments to the EU, and to divert those funds for domestic purposes - maybe the NHS, maybe tax breaks for the less well-off MPs can choose.
Another benefit is that the UK can regain control of its historic fishing waters - 60% of fish in UK waters are now caught by EU boats, with devastating effects in many fishing communities.
Economists
So, why have the CBI, the City and most banks and economists insisted that we're all doomed without a deal?
The main reason is that highly educated people (and the heads of the above organisations, who all went to Oxford or Cambridge University) are often more susceptible to daft ideas than the 'man on the Clapham omnibus'.
Philby, Burgess and the Apostles of the 1930s, seduced by undemocratic creeds, all went to Cambridge University.
The truly clever people, who created democracy and the jury system, for example, understood these dangers.
But not all graduates are seduced - as the above quotation from Einstein implies, there are non- conformist exceptions.
Indeed, some of the most articulate advocates of democracy in the referendum were Oxbridge grads.
An unfortunate by-product of education, for the credulous, is the toxic belief that the elite knows best.
Twenty years ago, middle-aged Oxbridge males like Clarke, Mandelson, Blair, Heseltine and Howe, along with their peers at the CBI, Goldman Sachs, Arthur Andersen, Ernst and Young, most of the City and the Financial Times, urged us, with revolutionary zeal, to join the disastrous euro - in spite of the fact that its predecessor, the exchange rate mechanism, had brought the country to its knees only a few years before.
Luckily you, the public, remained unimpressed.
Elite
This 'we know best' attitude, incorporating a grudging view of democracy, is typical of the elite - and is illustrated by comments from City investment adviser, and Cambridge graduate, Mark Brumby.
In a February newsletter to clients, he said: "Democracy, which is great, but which gave us Boaty McBoatface and the Birdie Song  has now given us Brexit."
Brumby adds that The Times newspaper warns liberals that "they should not sneer at populism".
Brumby himself then says that "if you substitute 'look aghast' for 'sneer' and 'ignorance' for 'populism'  you might get a different answer". The indiscreet Brumby, influential in the City, says in public what around 70-80% of the elite say in privat
They mistrust the hoi polloi - and have started to call ideas or movements with which they disagree 'populism'. But, in reality, populism is Churchill in the 1930s, the Boston Tea Party, the Beatles, Rap, Punk,
Martin Luther King, Mahatma Gandhi, the suffragettes, the smashing of the Berlin Wall, the Internet and a million other interventions. Not all are great, but populism, distilled through a democratic system, is humanity's greatest achievement.
But the modern-day apostles, who evangelise the EU's unelected presidents, unaccountable court and parliament whose MPs can't even initiate legislation, don't hesitate to attribute the referendum result to racism or ignorance. They also have a more immediate motive for the orchestrated campaign to frighten the public about food price rises.
Deal
If the public can be convinced about the necessity of a deal with the EU, they can also be convinced to stay in the EU's 'customs union'.
In effect, this means staying in the EU by stealth, since the UK would then have to obey most EU laws - and would lose the benefits of independence, such as lower food prices and control of fishing rights.
The customs union means that EU countries, which comprise seven per cent of the world's population, charge no food taxes to one another, but charge punitive taxes to the rest of the world, thereby keeping prices at artificially high levels for UK and EU consumers.
The customs union also causes huge damage to African economies, as Sam Akaki emphasises on the opposite page.
And the food taxes on non-EU imports are sent to Brussels, too, rather than being used for the benefit of the UK public. Can you Adam and Eve it? Nice try Carolyn Fairbairn of the CBI, David Tyler of Sainsbury's, Richard Baker of Whitbread and others, but we've rumbled the latest edition of Project Fear. Listen up, big chiefs. The EU is leading most of Europe on a tragic path, away from democracy.Just ask the Greeks.
Einstein, a seriously clever guy who never went to university, said that real genius was knowing what you don't know.
So, when it comes to complex issues like the euro and democracy, take a cue from Einstein and understand that the collective intelligence of the public is infinitely greater than yours. It's painful for big egos to accept, but the public really does know best.
Tim Martin, Chairman
Appendix 2 - Tim Martin, The Independent, 21 December 2017
"Brexit will be great for our food industry and our pubs
According to historian Martin Gilbert the truth exists, but it's hidden in a fog by lack of evidence and lack of perspective - other impediments include intellectual arrogance and misinformation, especially in politics. It's fascinating to see, at close quarters, the process by which myths are dismantled and the truth emerges in our democratic system.
The Confederation of British Industry (CBI) and the British Retail Consortium (BRC), abetted by the chairmen of Whitbread and Sainsbury's, have had considerable success in creating a fog which has misled the public, MPs and commentators about food prices. The Financial Times, Sunday Times and Guardian, for example, have all run stories stating that failure to agree a deal with the EU will result in substantial food price rises - a key part of their "cliff-edge" narrative of economic dislocation.
The false thesis is that reverting to World Trade Organisation rules, in the absence of an EU "deal", automatically results in tariffs, currently imposed on non-EU countries only, applying equally to imports from the EU itself. This is untrue, since WTO rules allow our Parliament to emulate New Zealand, Singapore and Hong Kong, among others, by eliminating food tariffs, provided the policy applies equally to all nations. Such rules would, as many Remainers admit, cause prices to fall in shops - and pubs.
In a Jeremy Vine show debate the Labour MP, Chuka Umunna, repeated the canard about food price rises. It was obvious that Chuka had swallowed the CBI line and really believed what he was saying, so I took to Twitter, for the first time ever, to try to correct his understandable misinterpretation. In an exchange of tweets, Chuka stuck religiously to his guns, but his followers got the point even so.
Their comments, hidden in a fog of abuse, abandoned the automatic-price-rise-post-Brexit position and instead said that UK farmers would suffer. That at least, unlike Chuka's position, is a valid argument. Indeed, it was a vexed and divisive debate in the 1830s and 40s, when almost precisely the same issues arose with regard to the Corn Laws. They were created to keep corn prices at a high level, by restricting imports, principally to protect landowners whose views predominated in Parliament at the time. However, their imposition eventually had devastating consequences for the poor, and was felt by many to have had catastrophic consequences in Ireland during the potato famine. When the Corn Laws were eventually abandoned, food prices fell.
The pub industry in the UK was also notorious for "trade protection" for most of the 20th century. Brewers were protected by a licensing system which favoured vested interests, but caused high prices and reduced competition in pubs and restaurants. Nostalgia aside, it is clear to most people that the abandonment of "barriers to entry" has led to a dramatic increase in the number of independent pubs, bars and restaurants, and to greater choice and higher standards than in the past.
There are thousands of examples of the benefits to the public of increased choice and competition. New Zealand farmers, to take one example, were protected by trade barriers in the recent past. There was huge anxiety about the elimination of tariffs there, but free trade has been a great success - farming productivity has surged, living standards have improved and food exports have boomed.
For those with long memories, tariffs and protection also did little to help the British car manufacturing industry - and are unlikely to help British farmers or manufacturers today, especially in the long run.
The CBI and big-business boardrooms, through religious attachment to the EU - which follows their equivalent zeal for the disastrous Exchange Rate Mechanism and the euro - have undoubtedly fooled some of the people some of the time. However, in a democracy the truth will emerge, and Chuka and members of the public who have been duped will quickly see through the cloud of misinformation. In due course, the debate will move on to the question of the validity of the EU's modern-day Corn Laws.
The emergence of the truth about food prices may, or may not, change political positions in the country about the EU, but the existence of the debate shows how democracy works, and why it's the best system. The main argument in favour of Brexit, ill-understood in the echo chamber of Remain, is that the EU's lack of democracy, its distant parliament, unelected presidents and unaccountable court prevent the very debates and direct dialogues with lawmakers, like Chuka, upon which freedom and prosperity depend."
Tim Martin
Appendix 3 - Matt Ridley, February 26 2018, The Times
"Corbyn's post-Brexit customs union would hurt the poor
The Labour leader's latest stance on Brexit ignores historic links between left-wing principles and free trade
If reports are accurate, there is at least one thing in Jeremy Corbyn's speech today with which I will agree: "The EU is not the root of all our problems and leaving it will not solve all our problems. Likewise the EU is not the source of all enlightenment and leaving it does not inevitably spell doom for our country. Brexit is what we make of it together." Yet this makes his overall conclusion, that we should stay in "a" customs union with the European Union, all the more baffling. That would be the worst of all worlds. It would be, in an inversion of the Labour Party's phrase, "for the few, not the many".
As Steven Pinker sets out in his new book Enlightenment Now, human beings are cursed by a pervasive negativity bias, "driven by a morbid interest in what can go wrong". Yet again and again, we defy the pessimists and improve the world. Brexit is fertile ground for this proclivity for pessimism because it has not yet happened. Our imaginations, and those of people with political axes to grind, run riot.
This is being exploited by the paid servants of big business and big government to try to keep us in a customs union system that benefits both. Ordinary people, in my experience, mostly see through this, as they did on referendum day. As a report from the organisations Labour Leave, Economists for Free Trade and Leave Means Leave calculated, the poor would benefit most from Brexit. If the Labour Party is really on the side of the poor rather than the elite, the EU customs union is a curious thing to defend. As David Paton, the professor of industrial economics at Nottingham University Business School, pointed out in a recent paper, The Left-wing Case for Free Trade, free trade always used to be a left-wing cause.
Free trade says to the poorest: we will enable you to get access to the cheapest and best products and services from wherever in the world they come. We will not, in the economist Joan Robinson's arresting image, put rocks in our own harbours to obstruct arriving cargo ships just because other people put rocks in theirs. The customs union, however, says: if Italy wants rocks in its harbours to protect its rice growers against Asian competition, then Britain must have them too, even though it grows no rice.
Take trainers. Britain makes very few such shoes. It imports lots. The average external EU customs union tariff on them is 17 per cent. Four fifths of this money goes straight to the European Commission. Poor people do not necessarily buy more trainers than rich people but trainers are a higher percentage of their spending. Their inflated trainer prices mean they spend less on other things, which hurts other producers, many of them British, affecting jobs and pay. The tariffs are there for pure protectionism: to aid the shoe industry elsewhere in Europe.
The purpose of all production is consumption, said Adam Smith. Or, as the American wit PJ O'Rourke put it, "imports are Christmas morning; exports are January's Mastercard bill". Yet the conversation about the customs union has been conducted almost entirely on behalf of producers, and exporters in particular. Remember, according to the Office for National Statistics in 2016, trade with the EU accounts for only 12 per cent of gross domestic product. It is not unreasonable to put the interests of the other 88 per cent first.
The poor are consumers too. So are businesses, including ones that export. They import raw materials and other goods and the cheaper those are, the more competitive our exporters will be. Outside a customs union, we would not have to cut all tariffs. If we wanted to protect certain British industries then we could, although I hope we would do so sparingly and temporarily.
This argument for free trade is not just a theoretical one. It was demonstrated unambiguously when we flourished after repealing the Corn Laws, which also privileged producers at the expense of consumers, in the mid-19th century. It was demonstrated by the two most free-trading economies in the world, Singapore and Hong Kong, as they roared past us in the prosperity league table from very poor to very rich in recent decades, and more recently by New Zealand and Australia, fast-growing since their turns towards freer trade.
The customs union diverts our trade towards Europe at the expense of poorer countries. Instead of buying ground coffee from African factories with low costs, we buy it from Germany: there is no tariff on coffee beans imported from Africa but a tariff on processed coffee. The customs union is not a free trade area. It would be possible to be in a free trade area with the EU while outside a customs union, like Iceland, Norway and Liechtenstein.
That we voted to leave the customs union should not be in doubt. The Vote Leave organisation made clear that "Britain lacks the power to strike free trade deals with its trading partners outside Europe. Being in the EU means that Brussels has full control of our trade policy . . . if we vote Leave, we can negotiate for ourselves." The government made clear that "a common external trade policy is an inherent and inseparable part of a customs union" and that apart from emulating Turkey's subservient relationship with the EU, "all the alternatives involve leaving the customs union". In 1846, two years before the publication of The Communist Manifesto, Richard Cobden, the campaigning manufacturer and politician whose rational optimism has proved a better guide to subsequent history than the conflict-obsessed dialectic of Karl Marx, made a speech in Manchester. "I believe that the physical gain will be the smallest gain to humanity from the success of this principle [free trade]," he said. "I look farther; I see in the free trade principle that which shall act on the moral world as the principle of gravitation in the universe - drawing men together, thrusting aside the antagonism of race, and creed, and language, and uniting us in the bonds of eternal peace.
"I have looked even farther . . . I believe that the desire and the motive for large and mighty empires; for gigantic armies and great navies - for those materials which are used for the destruction of life and the desolation of the rewards of labour - will die away; I believe that such things will cease to be necessary, or to be used, when man becomes one family, and freely exchanges the fruits of his labour with his brother man."
Give it a try, Jeremy."
INCOME STATEMENT FOR THE 26 WEEKS ENDED 28 January 2018
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
53 weeks
ended
53 weeks
ended
28 January
2018
28 January
2018
22 January
2017
22 January
2017
30 July
2017
30 July
2017
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
830,392
830,392
801,435
801,435
1,660,750
1,660,750
Operating costs
(756,405)
(756,405)
(736,334)
(736,334)
(1,532,242)
(1,532,242)
Operating profit
5
73,987
73,987
65,101
65,101
128,508
128,508
Property gains
6
1,653
1,653
586
586
2,807
2,807
Property losses - exceptional
7
(7,656)
(11,885)
(26,868)
Profit before interest and tax
75,640
67,984
65,687
53,802
131,315
104,447
Finance income
27
27
38
38
72
72
Finance income - exceptional
7
-
402
402
Finance costs
(13,666)
(13,666)
(14,310)
(14,310)
(28,557)
(28,557)
Profit before tax
62,001
54,345
51,415
39,932
102,830
76,364
Income tax expense
8
(13,785)
(13,785)
(13,760)
(13,760)
(25,846)
(25,846)
Income tax expense - exceptional
8
881
4,138
5,541
Profit for the period
48,216
41,441
37,655
30,310
76,984
56,059
Earnings per ordinary share (p)
- Basic1
9
46.7
40.1
34.6
27.8
70.8
51.5
- Diluted2
9
45.7
39.2
33.8
27.2
69.2
50.4
STATEMENT OF COMPREHENSIVE INCOME FOR THE 26 WEEKS ENDED 28 January 2018
Notes
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Items which will be reclassified subsequently to profit or loss:
Interest-rate swaps: gain taken to other comprehensive income
16
12,101
30,381
24,581
Tax on items taken directly to other comprehensive income
16
(2,056)
(5,800)
(4,814)
Currency translation differences
(762)
883
2,104
Net gain recognised directly in other comprehensive income
9,283
25,464
21,871
Profit for the period
41,441
30,310
56,059
Total comprehensive income for the period
50,724
55,774
77,930
[1]Calculated excluding shares held in trust.
2Calculated using issued share capital which includes shares held in trust.
CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 28 January 2018
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
53 weeks
53 weeks
ended
ended
ended
ended
ended
ended
28 January
28 January
22 January
22 January
30 July
30 July
2018
2018
2017
2017
2017
2017
000
000
000
000
000
000
Cash flows from operating activities
Cash generated from operations
10
104,066
104,066
105,052
105,052
224,403
224,403
Interest received
15
15
26
26
57
57
Net exceptional finance income
-
402
402
Interest paid
(12,236)
(12,236)
(13,150)
(13,150)
(26,834)
(26,834)
Corporation tax paid
(12,163)
(12,163)
(8,250)
(8,250)
(20,683)
(20,683)
Net cash inflow from operating activities
79,682
79,682
84,080
83,678
177,345
176,943
Cash flows from investing activities
Purchase of property, plant and equipment
(32,513)
(32,513)
(18,775)
(18,775)
(45,056)
(45,056)
Purchase of intangible assets
(2,468)
(2,468)
(9,633)
(9,633)
(13,502)
(13,502)
Investment in new pubs and pub extensions
(27,620)
(18,012)
(40,285)
Freehold reversions
(11,288)
(49,582)
(88,603)
Proceeds of sale of property, plant and equipment
2,726
8,798
19,620
Net cash outflow from investing activities
(71,163)
(34,981)
(87,204)
(28,408)
(167,826)
(58,558)
Cash flows from financing activities
Equity dividends paid
17
(8,437)
(8,933)
(13,352)
Purchase of own shares for cancellation
(51,647)
(25,359)
(28,445)
Purchase of own shares for share-based payments
(7,938)
(7,938)
(6,046)
(6,046)
(10,449)
(10,449)
Loan advances
15
72,595
59,944
47,236
Net cash inflow/(outflow) from financing activities
4,573
(7,938)
19,606
(6,046)
(5,010)
(10,449)
Net change in cash and cash equivalents
15
13,092
16,482
4,509
Opening cash and cash equivalents
50,644
46,135
46,135
Closing cash and cash equivalents
63,736
62,617
50,644
Free cash flow
36,763
49,224
107,936
Free cash flow per ordinary share
9
34.8p
44.2p
97.0p
1 Free cash flow is a measure not required by accounting standards; a definition is provided in our accounting policies.
BALANCE SHEET AS AT 28 January 2018
J D Wetherspoon plc, company number: 1709784
Notes
Unaudited
Unaudited
Audited
28 January
22 January
30 July
2018
2017
2017
000
000
000
Assets
Non-current assets
Property, plant and equipment
11
1,300,358
1,229,252
1,282,633
Intangible assets
12
28,219
30,809
29,691
Investment property
13
7,522
7,577
7,550
Other non-current assets
14
8,102
8,693
8,272
Derivative financial instruments
15
16,204
17,645
11,380
Deferred tax assets
4,556
5,626
6,612
Total non-current assets
1,364,961
1,299,602
1,346,138
Assets held for sale
276
4,182
1,524
Current assets
Inventories
20,531
20,401
21,575
Receivables
24,827
29,517
21,029
Cash and cash equivalents
15
63,736
62,617
50,644
Total current assets
109,094
112,535
93,248
Total assets
1,474,331
1,416,319
1,440,910
Liabilities
Current liabilities
Borrowings
15
(113)
(80)
(17,461)
Derivative financial instruments
15
(3,728)
-
-
Trade and other payables
(278,283)
(278,329)
(313,525)
Current income tax liabilities
(13,096)
(12,327)
(12,159)
Provisions
(4,408)
(4,526)
(5,175)
Total current liabilities
(299,628)
(295,262)
(348,320)
Non-current liabilities
Borrowings
15
(819,991)
(758,536)
(729,487)
Derivative financial instruments
15
(39,271)
(50,741)
(50,276)
Deferred tax liabilities
(69,003)
(71,519)
(69,731)
Provisions
(1,890)
(2,850)
(1,890)
Other liabilities
(11,583)
(12,433)
(12,383)
Total non-current liabilities
(941,738)
(896,079)
(863,767)
Net assets
232,965
224,978
228,823
Shareholders' equity
Share capital
18
2,110
2,211
2,180
Share premium account
143,294
143,294
143,294
Capital redemption reserve
2,321
2,220
2,251
Hedging reserve
(22,239)
(27,470)
(32,284)
Currency translation reserve
4,133
3,561
4,899
Retained earnings
103,346
101,162
108,483
Total shareholders' equity
232,965
224,978
228,823
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 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
Total comprehensive income
(4,814)
1,338
25,632
22,156
Profit for the period
25,749
25,749
Interest-rate swaps: cash flow hedges
(5,800)
(5,800)
Tax on items taken directly to comprehensive income
986
986
Currency translation differences
1,338
(117)
1,221
Purchase of own shares for cancellation
(31)
31
(15,442)
(15,442)
Share-based payment charges
5,745
5,745
Tax on share-based payment
208
208
Purchase of own shares for share-based payments
(4,403)
(4,403)
Dividends
(4,419)
(4,419)
At 30 July 2017
2,180
143,294
2,251
(32,284)
4,899
108,483
228,823
Total comprehensive income
10,045
(766)
41,445
50,724
Profit for the period
41,441
41,441
Interest-rate swaps: cash flow hedges
12,101
12,101
Tax on items taken directly to comprehensive income
(2,056)
(2,056)
Currency translation differences
(766)
4
(762)
Purchase of own shares for cancellation
(70)
70
(36,205)
(36,205)
Share-based payment charges
5,464
5,464
Tax on share-based payment
534
534
Purchase of own shares for share-based payments
(7,938)
(7,938)
Dividends
(8,437)
(8,437)
At 28 January 2018
2,110
143,294
2,321
(22,239)
4,133
103,346
232,965
During the half year, 3,497,500 shares were repurchased by the company for cancellation, representing approximately
3.21% of the issued share capital, at a cost of 36.2m, including stamp duty, representing an average cost per share of 1,025p.
At the year end, the company had a liability for share purchases of 15.5m which was settled during the half year,
ended 28 January 2018.
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 15 March 2018.

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 30 July 2017 were approved by the board of directors on 14 September 2017 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 53 weeks ended 30 July 2017, 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 2017,
pages 41 and 43.
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 53 weeks ended 30 July 2017 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 53 weeks ended 30 July 2017 is extracted from the statutory accounts of the Company for that year.

The interim results for the 26 weeks ended 28 January 2018 and the comparatives for 22 January 2017 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 30 July 2017 - 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
The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year beginning 31 July 2017 and will have a minimal impact on the financial statements:
n Recognition of deferred tax assets for unrealised losses - amendments to IAS 12
n Disclosure initiative - amendments to IAS 7
n Annual improvements to IFRS 2014 - 2016 cycle
Standards and interpretations which are not yet effective and have not been early adopted by the Company:
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. 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.
The impact of this standard is expected to be material. The choice of transition method is expected to be significant.
The standard gives the option to either fully restate or recognise an asset equal to the value of the liability on the date of transition.
The Company is waiting for clarification on the tax treatment of this change, before selecting the transition method.
On 28 May 2014, the International Accounting Standards Board issued IFRS 15 - 'Revenue from Contracts with Customers' which is effective for periods starting on or after 1 January 2018. The impact of this accounting standard on the Company's accounts is considered immaterial. The Company does not have long-term contractual relationships with its customers.
On 24 July 2014, the International Accounting Standards Board issued IFRS 9 - 'Financial Instruments: Recognition and Measurement' which is effective for periods starting on or after 1 January 2018. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model for financial assets.
Debt instruments currently classified as 'held to maturity' and measured at amortised cost will meet the conditions for classification at amortised cost under IFRS 9.
The Company believes that its current hedge relationships will qualify as continuing hedges, on the adoption of IFRS 9.
4. Revenue
Revenue disclosed in the income statement is analysed as follows:
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Sales of food, beverages, hotel rooms and machine income
830,392
801,435
1,660,750
5. Operating profit - analysis of costs by nature
This is stated after charging/(crediting):
Notes
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Concession rental payments
11,474
11,639
24,784
Minimum operating lease payments
22,430
23,727
44,828
Repairs and maintenance
32,182
29,232
66,219
Net rent receivable
(679)
(743)
(1,422)
Share-based payments
5,464
4,966
10,711
Depreciation of property, plant and equipment
11
34,270
32,741
66,483
Amortisation of intangible assets
12
3,992
3,332
6,931
Depreciation of investment properties
13
28
28
55
Amortisation of other non-current assets
14
170
206
400
6. Property (gains)/losses
Notes
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Non-exceptional property (gains)/losses
Loss/(gain) on disposal of fixed assets
(988)
62
(615)
Additional costs of disposal
15
-
25
Other property gains
(680)
(648)
(2,217)
(1,653)
(586)
(2,807)
Exceptional property losses
Loss on disposal of fixed assets - disposal programme
3,580
5,618
15,099
Additional costs of disposal
2,330
976
3,262
Impairment of property, plant and equipment
1,131
5,169
7,787
Onerous lease provision
615
122
720
7
7,656
11,885
26,868
Total property losses
6,003
11,299
24,061
7. Exceptional items
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Exceptional property losses
Disposal programme
Loss on disposal of pubs
5,910
6,594
18,361
Impairment of property plant and equipment
1,131
3,899
5,943
Impairment of other non-current assets
-
1,270
141
Onerous lease reversal
-
(235)
(1,319)
Onerous lease provision
242
252
1,659
7,283
11,780
24,785
Other property losses
Impairment of property, plant and equipment
-
-
1,664
Impairment of intangible assets
-
-
39
Onerous lease reversal
(110)
(208)
(696)
Onerous lease provision
483
313
1,076
373
105
2,083
Total exceptional property losses
7,656
11,885
26,868
Other exceptional items
Net exceptional finance income
-
(402)
(402)
-
(402)
(402)
Total pre-tax exceptional items
7,656
11,483
26,466
Exceptional tax
Exceptional tax items
-
(4,413)
(4,155)
Tax effect on exceptional items
(881)
275
(1,386)
(881)
(4,138)
(5,541)
Total exceptional items
6,775
7,345
20,925
Disposal programme
The Company has offered several of its sites for sale. During the half year end, 11 pubs had been sold, two were classified as held for sale and two additional pubs 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 1,131,000 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.
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, 373,000 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, no exceptional charge 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 845,000.
Impairments recognised in last half-year accounts were reclassified as disposal losses in the full-year accounts, if the pub was sold in the second half of the year.
8. Income tax expense
The taxation charge for the 26 weeks ended 28 January 2018 is based on the pre-exceptional profit before tax of 62.0m and the estimated effective tax rate before exceptional items for the 26 weeks ended 28 January 2018 of 22.2% (July 2017: 25.1%). This comprises a pre-exceptional current tax rate of 22.0% (July 2017: 23.9%) and a pre-exceptional deferred tax charge of 0.2% (July 2017: 1.2%).
The UK standard weighted average tax rate for the period is 19% (2017: 19.67%). 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
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Income tax before exceptional items
Current income tax:
Current tax
13,645
12,491
24,837
Prior year adjustment
(6)
(93)
(246)
Total current income tax
13,639
12,398
24,591
Deferred tax:
Origination and reversal of temporary differences
(162)
1,601
1,103
Adjustment in respect of prior period
308
(239)
152
Total deferred tax
146
1,362
1,255
Total income tax expense before exceptional items
13,785
13,760
25,846
Exceptional income tax
Exceptional current income tax:
Current tax on exceptional items
(221)
59
161
Total exceptional current income tax
(221)
59
161
Exceptional deferred tax:
Deferred tax on exceptional items
(660)
216
(1,547)
Impact of change in the UK tax rate - exceptional
-
(4,413)
(4,155)
Total exceptional deferred tax
(660)
(4,197)
(5,702)
Total exceptional income tax credit on exceptional items
(881)
(4,138)
(5,541)
Tax charge in the income statement
12,904
9,622
20,305
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Taken through equity
Current tax on share-based payment
(320)
(127)
(159)
Deferred tax on share-based payment
(214)
(87)
(263)
Tax charge credit
(534)
(214)
(422)
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Taken through comprehensive income
Deferred tax charge on swaps
2,299
5,496
4,835
Impact of change in UK tax rate
(243)
304
(21)
Tax charge
2,056
5,800
4,814
9. Earnings and free cash flow per share
(a) Weighted average number of shares
Earnings per share are based on the weighted average number of shares in issue of 105,605,135 (2017: 111,364,354),
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
53 weeks
ended
ended
ended
28 January
22 January
30 July
Weighted average number of shares
2018
2017
2017
Shares in issue (used for diluted EPS)
105,605,135
111,364,354
111,293,971
Shares held in trust
(2,366,388)
(2,441,371)
(2,500,717)
Shares in issue less shares held in trust
103,238,747
108,922,983
108,793,254
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.
(b) Earning per share
26 weeks ended 22 January 2017 unaudited
Profit
Basic EPS
Diluted EPS
pence per
pence per
ordinary
ordinary
000
share
share
Earnings (profit after tax)
41,441
40.1
39.2
Exclude effect of exceptional items after tax
6,775
6.6
6.5
Earnings before exceptional items
48,216
46.7
45.7
Exclude effect of property gains/(losses)
(1,653)
(1.6)
(1.6)
Underlying earnings before exceptional items
46,563
45.1
44.1
26 weeks ended 22 January 2017 unaudited
Profit
Basic EPS
Diluted EPS
pence per
pence per
ordinary
ordinary
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
53 weeks ended 30 July 2017 audited
Profit
Basic EPS
Diluted EPS
pence per
pence per
ordinary
ordinary
000
share
share
Earnings (profit after tax)
56,059
51.5
50.4
Exclude effect of exceptional items after tax
20,925
19.3
18.8
Earnings before exceptional items
76,984
70.8
69.2
Exclude effect of property gains/(losses)
(2,807)
(2.6)
(2.6)
Underlying earnings before exceptional items
74,177
68.2
66.6
9. Earnings and free cash flow per share (continued)
(c) Owners' earnings per share
Owners' earnings measure the earning attributable to shareholders from current activities adjusted for significant non-cash items and one-off items. Owners' earnings are calculated as profit before tax, exceptional items, depreciation
and amortisation and property gains and losses less reinvestment in current properties and cash tax. Cash tax is defined as the current year current tax charge.
26 weeks ended 28 January 2018 unaudited
Owner's
Basic EPS
Diluted EPS
Earnings
pence per
pence per
ordinary
ordinary
000
share
share
Profit before tax and exceptional items (income statement)
62,001
60.1
58.7
Exclude depreciation and amortisation (note 2)
38,460
37.3
36.4
Less reinvestment in current properties
(35,091)
(34.0)
(33.2)
Exclude property gains and losses (note 3)
(1,653)
(1.7)
(1.6)
Less cash tax (note 7)
(13,645)
(13.2)
(12.9)
Owners' earnings
50,072
48.5
47.4
26 weeks ended 22 January 2017 unaudited
Owner's
Basic EPS
Diluted EPS
Earnings
pence per
pence per
ordinary
Ordinary
000
share
Share
Profit before tax and exceptional items (income statement)
51,415
47.2
46.2
Exclude depreciation and amortisation (note 2)
36,307
33.3
32.6
Less reinvestment in current properties
(28,588)
(26.2)
(25.7)
Exclude property gains and losses (note 3)
(586)
(0.5)
(0.5)
Less cash tax (note 7)
(12,491)
(11.5)
(11.2)
Owners' earnings
46,057
42.3
41.4
53 weeks ended 30 July 2017 audited
Owner's
Basic EPS
Diluted EPS
Earnings
pence per
pence per
ordinary
Ordinary
000
share
Share
Profit before tax and exceptional items (income statement)
102,830
94.5
92.4
Exclude depreciation and amortisation (note 2)
73,869
67.9
66.4
Less reinvestment in current properties
(65,912)
(60.6)
(59.2)
Exclude property gains and losses (note 3)
(2,807)
(2.6)
(2.6)
Less cash tax (note 7)
(24,837)
(22.8)
(22.3)
Owners' earnings
83,143
76.4
74.7
The diluted owners' earnings per share increased by 14.5% (year end 2017: decreased by 6.9%).
Analysis of additions by type
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
Ended
28 January
22 January
30 July
2018
2017
2017
Reinvestment in existing pubs
35,091
28,588
65,912
Investment in new pubs and pub extensions
18,803
18,371
46,894
Freehold reversions
7,520
55,831
95,326
61,414
102,790
208,132
9. Earnings and free cash flow per share (continued)
Analysis of additions by category
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
Property, plant and equipment (note 11)
58,894
95,700
198,556
Intangible assets (note 12)
2,520
7,090
9,576
61,414
102,790
208,132
(d) Free cash flow per share
Free cash
Basic free
Diluted free
flow
cash flow
cash flow
pence per
pence per
ordinary
ordinary
000
share
share
26 weeks ended 28 January 2018
36,763
35.6
34.8
26 weeks ended 22 January 2017
49,224
45.2
44.2
53 weeks ended 30 July 2017
107,936
99.2
97.0
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
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Profit for the period
41,441
30,310
56,059
Adjusted for:
Tax
8
12,904
9,622
20,305
Share-based charges
5
5,464
4,966
10,711
Loss on disposal of property, plant and equipment
6
2,592
5,680
14,484
Net onerous lease provision
6
615
122
720
Net impairment charge
7
1,131
5,169
7,787
Interest receivable
(27)
(38)
(72)
Interest payable
13,105
12,533
25,740
Depreciation of property, plant and equipment
11
34,270
32,741
66,483
Amortisation of intangible assets
12
3,992
3,332
6,931
Depreciation on investment properties
13
28
28
55
Amortisation of other non-current assets
14
170
206
400
Amortisation of bank loan issue costs
15
561
1,777
2,817
Aborted properties costs
262
631
1,157
Net exceptional finance income
7
-
(402)
(402)
116,508
106,677
213,175
Change in inventories
1,044
(1,233)
(2,407)
Change in receivables
(2,788)
(793)
4,980
Change in payables
(10,698)
401
8,655
Cash flow from operating activities
104,066
105,052
224,403
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 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
Additions
60,640
3,911
30,966
7,339
102,856
Transfers
6,525
107
974
(7,606)
-
Exchange differences
434
82
161
376
1,053
Transfer to held for sale
6,570
1,511
1,811
-
9,892
Disposals
(18,439)
(17,364)
(15,453)
-
(51,256)
Reclassification
15,765
(15,765)
-
-
-
At 30 July 2017
1,066,936
361,609
561,801
67,834
2,058,180
Additions
10,932
1,238
25,961
20,763
58,894
Transfers
16,799
981
4,211
(21,991)
-
Exchange differences
(280)
(52)
(102)
(242)
(676)
Transfer to held for sale
(1,506)
(529)
(951)
-
(2,986)
Disposals
(6,798)
(4,742)
(4,401)
-
(15,941)
Reclassification
5,341
(5,341)
-
-
-
At 28 January 2018
1,091,424
353,164
586,519
66,364
2,097,471
Accumulated depreciation and impairment:
At 24 July 2016
(181,040)
(207,144)
(374,377)
-
(762,561)
Provided during the period
(7,746)
(6,729)
(18,266)
-
(32,741)
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)
Provided during the period
(8,056)
(6,294)
(19,392)
-
(33,742)
Exchange differences
(23)
(15)
(104)
-
(142)
Impairment loss
1,023
(2,637)
(825)
-
(2,439)
Transfer to held for sale
(4,208)
(1,682)
(1,398)
-
(7,288)
Disposals
6,362
15,737
12,348
-
34,447
Reclassification
(10,537)
10,537
-
-
-
At 30 July 2017
(205,374)
(179,793)
(390,380)
-
(775,547)
Provided during the period
(8,185)
(6,237)
(19,848)
-
(34,270)
Exchange differences
-
(3)
(21)
-
(24)
Impairment loss
(826)
(149)
(156)
-
(1,131)
Transfer to held for sale
1,261
529
920
-
2,710
Disposals
2,586
4,520
4,043
-
11,149
Reclassification
(2,309)
2,309
-
-
-
At 28 January 2018
(212,847)
(178,824)
(405,442)
-
(797,113)
Net book amount at 28 January 2018
878,577
174,340
181,077
66,364
1,300,358
Net book amount at 30 July 2017
861,562
181,816
171,421
67,834
1,282,633
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
11. Property, plant and equipment (continued)
During the period, two (2017: seven) pubs, with a carrying value of 276,000 (2017: 4,133,000), 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 Nil (2017: 49,000) was transferred out of other non-current assets held for sale,
totalling 276,000 (2017: 4,182,000) related to the same pubs.
12. Intangible assets
000
Cost:
At 24 July 2016
56,591
Additions
7,090
Transfer to held for sale
(8)
Disposals
(6)
At 22 January 2017
63,667
Additions
2,486
Transfer to held for sale
8
Disposals
(487)
At 30 July 2017
65,674
Additions
2,520
Disposals
(2)
At 28 January 2018
68,192
Accumulated depreciation and impairment:
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)
Provided during the period
(3,599)
Exchange differences
1
Transfer to held for sale
(8)
Disposals
481
At 30 July 2017
(35,983)
Provided during the period
(3,992)
Disposals
2
At 28 January 2018
(39,973)
Net book amount at 28 January 2018
28,219
Net book amount at 30 July 2017
29,691
Net book amount at 22 January 2017
30,809
Net book amount at 24 July 2016
27,051
The intangible assets relates to computer software and development.
13. Investment property
000
Cost:
At 24 July 2016
7,751
At 22 January 2017
7,751
At 30 July 2017
7,751
At 28 January 2018
7,751
Accumulated depreciation and impairment:
At 24 July 2016
(146)
Provided during the period
(28)
At 22 January 2017
(174)
Provided during the period
(27)
At 30 July 2017
(201)
Provided during the period
(28)
At 28 January 2018
(229)
Net book amount at 28 January 2018
7,522
Net book amount at 30 July 2017
7,550
Net book amount at 22 January 2017
7,577
Net book amount at 24 July 2016
7,605
Rental income received in the period from investment properties was 157,000 (2017: 177,000).
Operating costs, excluding depreciation, incurred in relation to these properties amounted to 10,000 (2017: 4,000).
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 24 July 2016
16,230
Transfer to held for sale
(76)
Disposals
(1,661)
At 22 January 2017
14,493
Transfer to held for sale
(181)
Disposals
(1,585)
At 30 July 2017
12,727
At 28 January 2018
12,727
Accumulated depreciation and impairment:
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)
Provided during the period
(194)
Impairment loss
(180)
Transfer to held for sale
235
Disposals
1,484
At 30 July 2017
(4,455)
Provided during the period
(170)
At 28 January 2018
(4,625)
Net book amount at 28 January 2018
8,102
Net book amount at 30 July 2017
8,272
Net book amount at 22 January 2017
8,693
Net book amount at 24 July 2016
9,725
15. Analysis of change in net debt
30 July
Cash
Non-cash
28 January
2017
flows
movement
2018
000
000
000
000
Cash and cash equivalents
Cash in hand
50,644
13,092
-
63,736
Total cash and cash equivalents
50,644
13,092
-
63,736
Borrowings
Bank loans - due before one year
(17,347)
17,347
-
-
Other loans
(114)
61
(60)
(113)
Current net borrowings
(17,461)
17,408
(60)
(113)
Bank loans - due after one year
(729,397)
(90,003)
(561)
(819,961)
Other loans
(90)
-
60
(30)
Non-current net borrowings
(729,487)
(90,003)
(501)
(819,991)
Total borrowings
(746,948)
(72,595)
(561)
(820,104)
Net debt
(696,304)
(59,503)
(561)
(756,368)
Derivatives
Interest-rate swaps asset - due after one year
11,380
-
4,824
16,204
Interest-rate swaps liability - due before one year
-
-
(3,728)
(3,728)
Interest-rate swap liability - due after one year
(50,276)
-
11,005
(39,271)
Total derivatives
(38,896)
-
12,101
(26,795)
Net debt after derivatives
(735,200)
(59,503)
11,540
(783,163)
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
28 January
28 January
22 January
22 January
30 July
30 July
2018
2018
2017
2017
2017
2017
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
63,736
63,736
62,617
62,617
50,644
50,644
Receivables
6,514
6,514
4,312
4,312
2,122
2,122
70,250
70,250
66,929
66,929
52,766
52,766
Financial liabilities at amortised cost
Trade and other payables
(219,061)
(219,061)
(224,316)
(224,316)
(259,798)
(259,798)
Borrowings
(820,104)
(820,165)
(758,616)
(754,916)
(746,948)
(746,951)
(1,039,165)
(1,039,226)
(982,932)
(979,232)
(1,006,746)
(1,006,749)
Derivatives - cash flow hedges
Non-current interest-rate swap assets
16,204
16,204
17,645
17,645
11,380
11,380
Current interest-rate swap liabilities
(3,728)
(3,728)
-
-
-
-
Non-current interest-rate swap liabilities
(39,271)
(39,271)
(50,741)
(50,741)
(50,276)
(50,276)
(26,795)
(26,795)
(33,096)
(33,096)
(38,896)
(38,896)
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 half year end's prevailing interest rates.
16.  Fair values (continued)
Interest-rate swaps
At 28 January 2018, 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.
Change in
Deferred
Total
fair value
tax
Changes in valuation of swaps
000
000
000
Fair value at 22 January 2017 (unaudited)
33,096
(5,626)
27,470
Gain taken directly to other comprehensive income
5,800
(986)
4,814
Fair value at 30 July 2017 (audited)
38,896
(6,612)
32,284
Loss taken directly to other comprehensive income
(12,101)
2,056
(10,045)
Fair value at 28 January 2018 (unaudited)
26,795
(4,556)
22,239
Fair value of financial assets and liabilities
IFRS 7 requires disclosure of fair value measurements by level, using the following fair value measurement hierarchy:
n Quoted prices in active markets for identical assets or liabilities (level 1)
n Inputs other than quoted prices included in level 1 which are observable for the asset or liability,
either directly or indirectly (level 2)
n 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 26.8m is considered to be level 2. All other financial assets and liabilities are measured in the balance sheet at amortised cost, and their valuation is also considered to be level 2.
17. Dividends paid and proposed
Unaudited
Unaudited
Audited
26 weeks
26 weeks
53 weeks
ended
ended
ended
28 January
22 January
30 July
2018
2017
2017
000
000
000
Paid in the period
2016 final dividend
-
8,933
8,933
2017 interim dividend
-
-
4,419
2017 final dividend
8,437
-
-
8,437
8,933
13,352
Dividends in respect of the period
Interim dividend
4,215
4,416
-
Final dividend
-
-
8,488
4,215
4,416
8,488
Dividend per share
4p
4p
8p
Dividend cover
4.9
3.4
4.2
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 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
Repurchase of shares
(1,550)
(31)
Balance at 30 July 2017 (audited)
108,999
2,180
Repurchase of shares
(3,498)
(70)
Closing balance at 28 January 2018 (unaudited)
105,501
2,110
All issued shares are fully paid.
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 28.1m of capital commitments for which no provision had been made, in respect of property,
plant and equipment, at 28 January 2018 (2017: 5.6m).
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 30 July 2017.
A list of current directors is maintained on the J D Wetherspoon plc website: jdwetherspoon.com
By order of the board
John Hutson Ben Whitley
Director Director
15 March 2018  15 March 2018
INDEPENDENT REVIEW REPORT TO J D WETHERSPOON PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report of J D Wetherspoon plc for the 26 weeks ended 28 January 2018 which comprises the Income statement, the Statement of comprehensive income, cash flow statement, Balance sheet, Statement of changes in equity and the related notes. We have read the other information contained in the half-yearly financial report which comprises the financial highlights, Chairman's statement and operating review and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company, 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. Our review work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2 the annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Our responsibility
Our responsibility is to express a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
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.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 28 January 2018 is 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 and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
15 March 2018
PUBS OPENED SINCE 31 JULY 2017
Name
Address
Town
Postcode
Country
Royal Victoria Pavilion
Harbour Parade
Ramsgate
CT11 8LS
UK
The Crown Hotel
23 High Street
Biggleswade
SG18 0JE
UK
Captain Ridley's Shooting Party
183-185 Queensway
Bletchley
MK2 2ED
UK
PUB CLOSED SINCE 31 JULY 2017
Name
Address
Town
Postcode
Country
The Thomas Telford
65-69 Whitby Road
Ellesmere Port
CH65 8AB
UK
The John Laird
88 Claughton Road
Birkenhead
CH41 6ES
UK
The Ice Wharf
22-24 Strand Road
Derry
BT48 7AB
UK
The Diamond Tap
42 Cheap Street
Newbury
RG14 5BX
UK
The Railway
202 Upper Richmond Road
Putney
SW15 6TD
UK
The Crockerton
Greyfriars Road
Cardiff
CF10 3AD
UK
The Isaac Wilson
61 Wilson Street
Middlesbrough
TS1 1SF
UK
The Squire Knott
55-57 Yorkshire Street
Oldham
OL1 3SL
UK
The Robert Hamilton
12-14 Bank Street
Airdrie
ML6 6AF
UK
The Gaffers Row
48 Victoria Street
Crewe
CW1 2JE
UK
The Gatehouse
Chichester Gate, Terminus Road
Chichester
PO19 8EL
UK
The Granite City
Main Terminal Aberdeen Airport
Aberdeen
AB21 7DU
UK

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