Pub chain JD Wetherspoon was hit by a £45 million cost explosion in the first half of the year with energy and repair bills, wages, and business rates all rising dramatically.
The company warned that despite strong trading - with sales up 4.7% like for like in the 25 weeks to 18 January - “profits are likely to be lower” than the previous first half as a result of the “higher than expected” costs. The warning sent Wetherspoon shares tumbling 7% in early trading.
