Like-for-like (LFL) profit before tax at J D Wetherspoon increased by 682.3% year-on-year in the 26 weeks to 28 January 2024, although growth has slowed slightly, the pub chain has revealed.

Wetherspoons saw its profit before tax reach £36m in this period, compared to £4.6m a year previously.

The pub chain's revenue reached £991m in the same period, increasing by 8.2%, with operating profit also jumping by 81% to £67m.

Wetherspoons revealed that its biggest selling products in this period were coffee and Pepsi, with food and slot machine sales also increasing.

Although the number of pubs that the company operates has dropped since COVID, from 955 to 814, it has hinted that it may be looking to increase this number to over 1,000.

However, the group recorded LFL growth of 5.8% in the 17 weeks to 7 March, which analysts have said could leave investors "disappointed" should they remain at this level for the rest of the year.

Furthermore, free cash flow fell by 103.6% in the 26 weeks to 28 January, while the half year dividend did not move.

Head of equity research at Hargreaves Lansdown, Derren Nathan, commented: "Wetherspoon’s half-year results tell a story of an impressive recovery. But the strong operating profit growth reflects the low-base to which this set of numbers were compared to. At under 7%, margins are still pretty thin and there was little in the statement to help see where an improvement might come from. The group’s been steadily reducing and optimising its footprint and has a good record of outperforming its peers.

"A lot of capacity has come out of the market and the hint that there might be potential of about 1,000 pubs compared to a current total of 814, could see the estate start to grow again. That may see the return of dividends kicked further down the road.

"Location is key and recent openings include the Stargazer at the old Millenium Dome in Greenwich and the Star Light at Heathrow Airport. Overall, returning the estate to growth could be a welcome development. But there’s only so much you can grow if pub numbers remain static, and for now LFL growth has taken a step down. 5.8% isn’t awful but if it stays at this level for the rest of the year the market’s likely to be disappointed."

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