BUSINESS LIVE: Wetherspoon apos;s Rallies Sector On Tax; Touch Games Fined
The FTSE 100 closed down 12.49 points at 7744.87. Among the companies with reports and trading updates today are Wetherspoon's, easyJet, Touch Games, On The Market, Pendragon, Watkin Jones and Inland Homes. Read the Wednesday 25 January Business Live blog below.
website FTSE 100 closed down 12.49 points at 7744.87. Among the companies with reports and trading updates today are Wetherspoon's, easyJet, Touch Games, On The Market, Pendragon, Watkin Jones and Inland Homes. Wetherspoon's boss Tim Martin has warned that if the pub industry fails to collectively campaign for tax equality with supermarkets the sector is doomed to shrink.","headline":"BUSINESS CLOSE: Wetherspoon's boss calls for industry tax lobbying push; Gambling watchdog fines Touch...","liveBlogUpdate":[{"@type":"BlogPosting","articleBody":"","author":{"@type":"Person","name":"Tanya Jefferies"},"dateModified":"2023-01-25T17:20:06+00:00","datePublished":"2023-01-25T17:20:06+00:00","headline":"FTSE 100 closes down 12.49 points at 7744.website before close, the FTSE 100 was 0.32% lower at 7,732.31.
Meanwhile, the FTSE 250 was 0.45% lower at 19,765.24.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T16:25:21+00:00","datePublished":"2023-01-25T16:25:21+00:00","headline":"The Footsie closes website property developers Watkin Jones and Inland Homes have revealed significant slumps in earnings amid soaring costs and weaker sales volumes.
Student accommodation builder Watkin Jones saw pre-tax profits plunge by 64 per cent to £18.4million for the year ending September 2022.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T16:20:17+00:00","datePublished":"2023-01-25T16:20:17+00:00","headline":"Housebuilders Watkin Jones and Inland Homes hit by higher website group Ascential has revealed plans to spin-off its digital arm.
Ascential unveiled the plans to shareholders on Wednesday as it said it now expects full-year revenues and earnings to come in ahead of market forecasts.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T15:52:20+00:00","datePublished":"2023-01-25T15:52:20+00:00","headline":"Ascential shares jump 20% as group boosts website of thousands of Microsoft users around the world have been unable to access services including Outlook, Teams and Xbox Live this morning.
The problems began at 07:00 GMT (02:00 ET) and Downdetector.com, which tracks website outages, showed that more than 5,000 people in the UK reported that they couldn't get into their emails.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T14:59:34+00:00","datePublished":"2023-01-25T14:59:34+00:00","headline":"Why did Outlook crash and will it happen website life insurance firm has been called 'appalling and tasteless' for using a picture of serial killer Harold Shipman in one of its adverts.
Life insurance broker DeadHappy ran an advert this week with a photo of Shipman and the slogan 'Life Insurance. Because you never know who your doctor might be.'","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T15:58:55+00:00","datePublished":"2023-01-25T14:36:21+00:00","headline":"Life insurance firm doubles down on 'appalling' Harold Shipman website the Government plans to hasten a rise in state pension age to 68 by 2035 have sparked warnings that ill and poor people and carers will bear the brunt of the decision.
Younger generations are also likely to struggle, as industry analysis reveals the state pension plus minimum auto enrolment savings mean they will barely scrape together a decent income in old age.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T14:06:07+00:00","datePublished":"2023-01-25T14:06:07+00:00","headline":"Aged 43 to 54? State pension hike means you may have to work website is facing a claims bill of around £50million from last month’s freezing weather, it told investors on Wednesday.
The insurance group said it had been focused on supporting customers during December’s prolonged cold snap, which saw households across the UK suffer from burst pipes and water tanks, as well as other damage.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T13:07:36+00:00","datePublished":"2023-01-25T13:07:36+00:00","headline":"Aviva unveils claims hit of £50m from December website paid an average of £821 more in tax in the first nine months of the year, analysis showed today.
Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares to defy Tory calls for early tax cuts.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T12:32:19+00:00","datePublished":"2023-01-25T12:32:19+00:00","headline":"Households paid average of £821 more tax in first nine months of website annual earnings are set to trump current forecasts following a rebound in winter bookings, the group said on Tuesday, sparking a rally in airline stocks.
The budget airline now anticipates pre-tax profits will exceed £126million for the 12 months ending September 2023, having made a £183million loss the previous year amid Covid-related restrictions and widespread cancellations.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T12:05:26+00:00","datePublished":"2023-01-25T12:05:26+00:00","headline":"Easyjet enhances full-year profit guidance as winter demand website was fresh hope Britain might be over the worst of the cost of living pain as producer price inflation continued to slow in December.
According to data from the Office for National Statistics, producer input prices - the price of materials and fuels bought by UK manufacturers - rose by 16.5 per cent in the year to December.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T11:49:12+00:00","datePublished":"2023-01-25T11:49:12+00:00","headline":"Fresh hope worst of inflation pain is over as producer prices website Wetherspoon sales soared in the first-half, but remain below pre-pandemic levels, a trading update revealed on Tuesday.
The FTSE 250-listed pub group's like-for-like sales in the 25 weeks to 22 January were 13.1 per cent higher than the same period a year ago, but down 0.7 per cent on the six months to 26 January 2020.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T10:38:34+00:00","datePublished":"2023-01-25T10:38:34+00:00","headline":"Tim Martin blasts disparity in tax treatment of pubs and website the FTSE 250 index is down 13.48 points to 7,751.91.
Sterling is at $1.23 against the US dollar.","author":{"@type":"Person","name":"Jane Denton"},"dateModified":"2023-01-25T10:35:10+00:00","datePublished":"2023-01-25T10:35:10+00:00","headline":"FTSE 100 currently down 5.45 points to 7,751.website group In Touch Games has been fined £6.1million by the Gambling Commission for social responsibility and money laundering failings.
The company operates 11 websites, including bonusboss.co.uk, cashmo.co.uk, drslot.co.uk, jammymonkey.com and slotfactory.com. ","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T10:23:59+00:00","datePublished":"2023-01-25T10:23:59+00:00","headline":"Gambling group In Touch Games fined £6.website investors could have a chance to buy shares in Arm even if it decides not to list in London.
If the Cambridge-based computer chip maker opts instead to list its shares on the US stock market, investors here could still be able to buy shares through a retail offering, according to markets technology platform PrimaryBid.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T09:51:07+00:00","datePublished":"2023-01-25T09:51:07+00:00","headline":"Britons could buy shares in Arm even if it doesn't list in website future of Royal Mail’s boss has been thrown into doubt after he was recalled by MPs to face a further grilling.
Simon Thompson will be hauled in front of the Commons business select committee for a second time after its chairman Darren Jones claimed in a letter that answers he gave at a previous session might not have been ‘wholly accurate’.","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T09:27:42+00:00","datePublished":"2023-01-25T09:27:42+00:00","headline":"Royal Mail boss Simon Thompson fights for job after MP website number of UK first-time buyers dropped by 11 per cent in 2022, according to new data from Halifax, as the average deposit required soared to almost £62,500.
Overall, 362,461 buyers made it on to the housing ladder last year, with the year-on-year fall following a record level seen in 2021. ","author":{"@type":"Person","name":"Harry Wise"},"dateModified":"2023-01-25T09:13:26+00:00","datePublished":"2023-01-25T09:13:26+00:00","headline":"Average first-time buyer deposit now £62,500, Halifax data website Vettese, analyst at eToro:
'The pub sector is still trying to find its feet post-Covid, while the soaring cost of living is acting as a major drag on its recovery.
'Wetherspoon’s latest trading update reveals that while sales were up more than 13% in the 25 weeks to 22 January, they remain lower than their pre-pandemic levels.
'But while the cash registers are busier, margins are being squeezed by higher labour, food and energy costs. Chains like Wetherspoons can better absorb those costs, but unfortunately many pubs won't.
'While Wetherspoon chairman Tim Martin says he remains ‘cautiously optimistic’ for the coming year, we believe the sector is facing another difficult recovery. Longer-term, there are opportunities, of course, but it could be another tricky 12 months for pubs right across the country.'
","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:59:41+00:00","datePublished":"2023-01-25T08:59:41+00:00","headline":"Wetherspoon's: 'It could be another tricky 12 months for pubs right across the website stocks have inched higher this morning, boosted by a positive earnings update from insurer Aviva, but worries about Britain's gloomy economic outlook and interest rate rises weigh on the overall mood.
Aviva has climbed 1.8 per cent after the insurer maintained its dividend guidance and capital returns outlook as it reported a positive end to trading for the year in its general insurance unit.
Airline stocks have been lifted by EasyJet's latest update, which said it expected to beat current market expectations for 2023 based on the strength of bookings into summer and is set to deliver a full-year profit. EasyJet has jumped 6.6 per cent, while Wizz Air has added 4.7 per cent.
Limiting further gains in markets, the ONS has told the government that it overestimated the prospects for medium-term growth and that it intends to revise down its outlook.","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:32:53+00:00","datePublished":"2023-01-25T08:32:53+00:00","headline":"Market open: FTSE 100 up 0.1%; FTSE 250 adds 0.website is investigating an issue impacting multiple services including Teams and Outlook, with outage reports indicating the platforms are down for thousands of users globally.
The tech giant has not disclosed the number of users affected by the disruption, but data from outage tracking website Downdetector shows more than 3,900 incidents in India and over 900 in Japan. Outage reports have also spiked in Australia, Britain and the United Arab Emirates.","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:29:04+00:00","datePublished":"2023-01-25T08:29:04+00:00","headline":"Microsoft website Moore, senior investment manager at RBC Brewin Dolphin:
'EasyJet’s results are a classic recovery story, with the airline on track to beat profit expectations in the second half of this year.
'More people are beginning to travel again, while the airline has reshaped its routes and proposition.
'Fuel costs continue to be a drag on easyJet and consumer confidence is a potential headwind, but the company is relatively well hedged and bookings are strong for the year ahead.
'At a £3.4billion market cap, easyJet is not far away from a return to the FTSE 100 and, if the airline can deliver on expectations, it should get there later this year.'","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:10:55+00:00","datePublished":"2023-01-25T08:10:55+00:00","headline":"EasyJet: 'A classic recovery website workers are staging their first ever strike in the UK in a dispute over pay.
Members of the GMB union at the company’s warehouse in Coventry will walk out today in protest against a pay rise which the union said is worth 50p an hour.","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:09:17+00:00","datePublished":"2023-01-25T08:09:17+00:00","headline":"Amazon rocked by first UK strike as workers at web giant's Coventry warehouse walk out over website has hiked its full-year profit outlook after trimming losses in its first quarter and cheering a record surge in bookings since the start of the year.
The carrier said its headline pre-tax loss narrowed to £133million in the three months to the end of December, against losses of £213million a year earlier.
It cheered a bounce-back in traditional new year holiday bookings, with three record-breaking weekends for sales revenue in January so far.
The group said it now expects its seasonal first-half loss to be 'significantly' better year-on-year.
This, together with strong bookings is set to see it beat profit expectations for the full-year, according to the firm.","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:06:44+00:00","datePublished":"2023-01-25T08:06:44+00:00","headline":"EasyJet beats website boss Tim Martin has warned that if the pub industry fails to collectively campaign for tax equality with supermarkets the sector is doomed to shrink.
It comes as the pub chain reports 13.1 per cent like-for-like, one-year sales growth in the 25 weeks to 22 January, reflecting a 0.7 per cent decline on the same period prior to the pandemic in 2019/ 2020.
Like-for-like sales in the last 12 weeks have been 17.8 per cent higher than the same period a year ago and 2 per cent lower than the pre-pandemic period.
Mr Martin said: 'We are cautiously optimistic about the company's prospects for the financial year.
'The biggest threat to the hospitality industry is the vast disparity in tax treatment between pubs and restaurants and supermarkets.
'Supermarkets pay zero VAT in respect of food sales, whereas pubs and restaurants pay 20%. This tax benefit allows supermarkets to subsidise the selling price of beer.
'We estimate that supermarkets have taken about half of the pub industry's beer volumes since Wetherspoon started trading in 1979, a process that has likely accelerated following the pandemic.
'Pub industry directors have, in general, failed to campaign for tax equality, which is an important principle of taxation.
'Unless the industry campaigns strongly for equality, it will inevitably shrink relative to supermarkets, which will not help high streets, tourism, the economy overall, or the ancient institution of the pub.'","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:04:05+00:00","datePublished":"2023-01-25T08:04:05+00:00","headline":"Wetherspoon's boss calls for industry tax lobbying website shares jumped as it brushed off the gloom engulfing Silicon Valley and emerged as its ‘Rock of Gibraltar’.
The tech giant said overall sales in the three months to December 31 were £43billion, up 2 per cent from a year earlier and in line with analyst forecasts.
Microsoft said its cloud computing business drove a ‘strong’ set of results, with sales of its Azure platform up by almost a third.","author":{"@type":"Person","name":"Mike Sheen"},"dateModified":"2023-01-25T08:00:03+00:00","datePublished":"2023-01-25T08:00:03+00:00","headline":"Microsoft shares rally as it shrugs off tech turmoil to emerge as Silicon Valley's 'Rock of website website Denton"},{"@type":"Person","name":"Tanya Jefferies"},{"@type":"Person","name":"Mike Sheen"},{"@type":"Person","name":"Harry Wise"}]}
Jane Denton
Host commentator
Tanya Jefferies
Host commentator
Mike Sheen
Host commentator
Harry Wise
Host commentator
17:20
FTSE 100 closes down 12.49 points at 7744.87
16:25
The Footsie closes soon
Just before close, the FTSE 100 was 0.32% lower at 7,732.31.
Meanwhile, the FTSE 250 was 0.45% lower at 19,765.24.
16:20
Housebuilders Watkin Jones and Inland Homes hit by higher costs
British property developers Watkin Jones and Inland Homes have revealed significant slumps in earnings amid soaring costs and weaker sales volumes.
Student accommodation builder Watkin Jones saw pre-tax profits plunge by 64 per cent to £
Student accommodation builder Watkin Jones declared that pre-tax profits plunged by 64 per cent to £18.4million for t
15:52
Ascential shares jump 20% as group boosts forecasts
Publishing group Ascential has revealed plans to spin-off its digital arm.
Ascential unveiled the plans to shareholders on Wednesday as it said it now expects full-year revenues and earnings t
Ascential, which specialises in information, analytics and e-commerce optimisation, said it saw double-digit revenue growth acros
14:59
Why did Outlook crash and will it happen again?
Tens of thousands of users around the world have been unable to access services including Outlook, Teams and Xbox Live this morning.
The problems began at 07:00 GMT (02:00 ET) and Downdetector.com, which tracks website outages, showed that more than 5,000 people in the UK reported that they
The problems began at 07:00 GMT (02:00 ET) and Downdetector.com, which tracks website outages, showed that more than 5,000 people in the UK reported that they cou
14:36
Life insurance firm doubles down on 'appalling' Harold Shipman advert
A life insurance firm has been called 'appalling and tasteless' for using a picture of serial killer Harold Shipman in one of its adverts.
Life insurance broker DeadHappy ran an advert this week with a photo of Shipman and the slogan 'Life Insura
Life insurance broker DeadHappy ran an advert this week with a photo of Shipman and the slogan 'Life Insurance. Because you never k
14:06
Aged 43 to 54? State pension hike means you may have to work longer
Rumours the Government plans to hasten a rise in state pension age to 68 by 2035 have sparked warnings that ill and poor people and carers will bear the brunt of the decision.
Younger generations are also likely to struggle, as industry analysis reveals the state pension plus minimum auto enrolment savings mean they wil
Men and women's state pension age is now 66, and between 2026 and 2028 it will rise again to 67. But the Government will reportedly announce a further increase
13:07
Aviva unveils claims hit of £50m from December freeze
Aviva is facing a claims bill of around £50million from last month’s freezing weather, it told investors on Wednesday.
The insurance group said it had been focused on supporting customers during December’s prolonged cold snap, which saw households across the UK suffer from burst pipes an
Aviva said it had been focused on supporting its customers during December's prolonged cold snap, which saw households across the UK suffer fro
12:32
Households paid average of £821 more tax in first nine months of year
Households paid an average of £821 more in tax in the first nine months of the year, analysis showed today.
Official figures revealed the surge in the personal tax bill for
Official figures revealed the surge in the personal tax bill for Britons as Jeremy Hunt prepares to defy To
12:05
Easyjet enhances full-year profit guidance as winter demand surges
EasyJet's annual earnings are set to trump current forecasts following a rebound in winter bookings, the group said on Tuesday, sparking a rally in airline stocks.
The budget airline now anticipates pre-tax profits will exceed £126million for the 12 months ending September 2023, having made a £183million loss the previous year amid Covid
The budget airline now anticipates pre-tax profits will exceed £126million for the 12 months ending September 2023, having made a £183m
11:49
Fresh hope worst of inflation pain is over as producer prices fall
There was fresh hope Britain might be over the worst of the pain as producer price continued to slow in December.
According to data from the Office for National Statistics, producer input prices - the price of materials and fuels bought by UK manufacture
According to data from the Office for National Statistics, producer input prices - the price of materials and fuels bought by UK manufacturers - rose by 16.5 per c
10:38
Tim Martin blasts disparity in tax treatment of pubs and supermarkets
JD Wetherspoon sales soared in the first-half, but remain below pre-pandemic levels, a trading update revealed on Tuesday.
The FTSE 250-listed pub group's like-for-like sales in the 25 weeks to 22 January were 13.1 per cent higher than the same period a year ago, but d
JD Wetherspoon has reported a jump in first-half sales, although they remain below pre-pandemic levels. Plus, Tim Martin has spoken out against the tax trea
10:35
FTSE 100 currently down 5.45 points to 7,751.91
And the FTSE 250 index is down 13.48 points to 7,751.91.
Sterling is at $1.23 against the US dollar.
10:23
Gambling group In Touch Games fined £6.1m
Gambling group In Touch Games has been fined £6.1million by the Gambling Commission for social responsibility and money laundering failings.
The company operates 11 websites, including bonusboss.co.uk, cashmo.co.uk, drslot.co.uk, jammymonkey.com
The Gambling Commission said In Touch Games failed to interact with one customer until seven weeks after they had been flagged
09:51
Britons could buy shares in Arm even if it doesn't list in London
UK investors could have a chance to buy shares in Arm even if it decides not to list in London.
If the Cambridge-based computer chip maker opts instead to list its shares on the US stock market, investors here could still be able to buy shares through a retail offering, ac
Softbank founder Masayoshi Son (pictured) is thought to be planning to float Arm on Wall Street wi
09:27
Royal Mail boss Simon Thompson fights for job after MP clash
The future of Royal Mail’s boss has been thrown into doubt after he was recalled by MPs to face a further grilling.
Simon Thompson will be hauled in front of the Commons business select committee for a second time after its chairman Darren Jones claimed in a letter that answers he gave at a previous session might
Simon Thompson (pictured) was told the answers he gave at a previous session might no
09:13
Average first-time buyer deposit now £62,500, Halifax data shows
The number of UK first-time buyers dropped by 11 per cent in 2022, according to new data from Halifax, as the average deposit required soared to almost £62,500.
Overall, 362,461 buyers made it on to the housing ladder last year, with the year-on-year
Property values for first-time buyers are now around 7.6 times the average UK salary, Halifax said, and the typical age peopl
08:59
Wetherspoon's: 'It could be another tricky 12 months for pubs right across the country'
Adam Vettese, analyst at eToro:
'The pub sector is still trying to find its feet post-Covid, while the soaring cost of living is acting as a major drag on its recovery.
'Wetherspoon’s latest trading update reveals that while sales were up more than 13% in the 25 weeks to 22 January, they remain lower than their pre-pandemic levels.
'But while the cash registers are busier, margins are being squeezed by higher labour, food and energy costs. Chains like Wetherspoons can better absorb those costs, but unfortunately many pubs won't.
'While Wetherspoon chairman Tim Martin says he remains ‘cautiously optimistic’ for the coming year, we believe the sector is facing another difficult recovery. Longer-term, there are opportunities, of course, but it could be another tricky 12 months for pubs right across the country.'
08:32
Market open: FTSE 100 up 0.1%; FTSE 250 adds 0.1%
London-listed stocks have inched higher this morning, boosted by a positive earnings update from insurer Aviva, but worries about Britain's gloomy economic outlook and interest rate rises weigh on the overall mood.
Aviva has climbed 1.8 per cent after the insurer maintained its dividend guidance and capital returns outlook as it reported a positive end to trading for the year in its general insurance unit.
Airline stocks have been lifted by EasyJet's latest update, which said it expected to beat current market expectations for 2023 based on the strength of bookings into summer and is set to deliver a full-year profit. EasyJet has jumped 6.6 per cent, while Wizz Air has added 4.7 per cent.
Limiting further gains in markets, the ONS has told the government that it overestimated the prospects for medium-term growth and that it intends to revise down its outlook.
08:29
Microsoft outage
Microsoft is investigating an issue impacting multiple services including Teams and Outlook, with outage reports indicating the platforms are down for thousands of users globally.
The tech giant has not disclosed the number of users affected by the disruption, but data from outage tracking website Downdetector shows more than 3,900 incidents in India and over 900 in Japan. Outage reports have also spiked in Australia, Britain and the United Arab Emirates.
08:10
EasyJet: 'A classic recovery story'
John Moore, senior investment manager at RBC Brewin Dolphin:
'EasyJet’s results are a classic recovery story, with the airline on track to beat profit expectations in the second half of this year.
'More people are beginning to travel again, while the airline has reshaped its routes and proposition.
'Fuel costs continue to be a drag on easyJet and consumer confidence is a potential headwind, but the company is relatively well hedged and bookings are strong for the year ahead.
'At a £3.4billion market cap, easyJet is not far away from a return to the FTSE 100 and, deneme bonusu if the airline can deliver on expectations, it should get there later this year.'
08:09
Amazon rocked by first UK strike as workers at web giant's Coventry warehouse walk out over pay
Amazon workers are staging their first ever strike in the UK in a dispute over pay.
Members of the GMB union at the company’s warehouse in Coventry will walk out today in protest against a pay r
Members of the GMB union at the company's warehouse in Coventry will walk out in protest against a pay rise which the un
08:06
EasyJet beats expectations
EasyJet has hiked its full-year profit outlook after trimming losses in its first quarter and cheering a record surge in bookings since the start of the year.
The carrier said its headline pre-tax loss narrowed to £133million in the three months to the end of December, against losses of £213million a year earlier.
It cheered a bounce-back in traditional new year holiday bookings, with three record-breaking weekends for sales revenue in January so far.
The group said it now expects its seasonal first-half loss to be 'significantly' better year-on-year.
This, together with strong bookings is set to see it beat profit expectations for the full-year, according to the firm.
08:04
Wetherspoon's boss calls for industry tax lobbying push
Wetherspoon’s boss Tim Martin has warned that if the pub industry fails to collectively campaign for tax equality with supermarkets the sector is doomed to shrink.
It comes as the pub chain reports 13.1 per cent like-for-like, one-year sales growth in the 25 weeks to 22 January, reflecting a 0.7 per cent decline on the same period prior to the pandemic in 2019/ 2020.
Like-for-like sales in the last 12 weeks have been 17.8 per cent higher than the same period a year ago and 2 per cent lower than the pre-pandemic period.
Mr Martin said: 'We are cautiously optimistic about the company's prospects for the financial year.
'The biggest threat to the hospitality industry is the vast disparity in tax treatment between pubs and restaurants and supermarkets.
'Supermarkets pay zero VAT in respect of food sales, whereas pubs and restaurants pay 20%. This tax benefit allows supermarkets to subsidise the selling price of beer.
'We estimate that supermarkets have taken about half of the pub industry's beer volumes since Wetherspoon started trading in 1979, a process that has likely accelerated following the pandemic.
'Pub industry directors have, in general, failed to campaign for tax equality, which is an important principle of taxation.
'Unless the industry campaigns strongly for equality, it will inevitably shrink relative to supermarkets, which will not help high streets, tourism, the economy overall, or the ancient institution of the pub.'
08:00
Microsoft shares rally as it shrugs off tech turmoil to emerge as Silicon Valley's 'Rock of Gibraltar'
Microsoft shares jumped as it brushed off the gloom engulfing Silicon Valley and emerged as its ‘Rock of Gibraltar’.
The tech giant said overall sales in the three months to December 31 were £43billion, up 2 per cent from a year earlier and in line with analyst forecasts.
Microsoft said its cloud computing business drove a ‘strong’ set of results, with sales of its
The tech giant said overall sales in the three months to December 31 were £43bn, up 2% from a year earlier and i
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