Wetherspoon (J.D.)

JDW · Main Market · Travel and Leisure · mcap £952m · 1023.0p 1 open situation →

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2026 Budget and cost pressures Tim Martin towards control Tim Martin towards control 1 director buying

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Budget and cost pressures

FY26 profit fell 28%; FY27 guided in line

Since January the company has flagged £45m of unexpected extra costs and cut its profit view several times. The 22 July pre-close update puts profit below market expectations, citing marginally lower final-quarter sales and higher food, labour, repairs, energy and rates costs. Sales growth is still not reaching profit.

Guidance: Full-year profit likely below market expectations
Cost areas: Food, labour, repairs, energy and business rates
Q4 LFL sales: +4.0% in 12 weeks to 19 July 2026; year to date +4.2%
Net debt: £720 million expected at year end, in line with last year

Next: Next trading update; FY27 profit versus £74m consensus · 4 Nov 2026

2 Oct 2026 FY26 profit fell 28%; FY27 guided in line
22 Jul 2026 Third guidance cut: profit below expectations
22 Jul 2026 Profit warning repeated; now 'below' expectations
6 May 2026 Profit warning repeated: substantial cost increases

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Closed · 3

Stake building towards controlTim Martin towards control no bid within a year · 29 Apr 2025 – 29 Apr 2026 +2% Stake building towards controlTim Martin towards control no bid within a year · 29 Apr 2025 – 29 Apr 2026 +2% Insider conviction1 director buying £47k in 1 buy · 27 Jan 2026 – 27 Apr 2026 +10%

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