Profits down for JD Wetherspoon

<p>Stocks in JD Wetherspoon dropped after a fall in profits.</p>

The share price of JD Wetherspoon was down today (March 15th) on the back of a fall in profits for the pub chain.

It announced it took in £34.8 million in the first half of its fiscal year, a 2.7 per cent drop in profits for the company.

Chairman Tim Martin stated higher taxes and increased labour costs cut the profitability of the firm, despite the fact its sales increased as a result of value deals.

"The outcome for the first half of the financial year was reasonable, given the pressures on the UK consumer," he said.

According to a report by BBC News, the pub chain's share price initially rose by close to two per cent on the back of the news, but fell later in the day.

At 15:00 GMT, stocks were recorded as being at 503.00, which is a drop of seven points, or a little over one per cent, on the start of the day's trading.

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