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Wetherspoon is trading at £7.49 and its share price has dropped 10% since its half-year announcement in March, when the pub chain operator reported a 3.2% rise in pre-tax profits of £36 million. The company stated it is ‘reasonably’ confident in achieving its full-year target.
The pub chain operator gave a downbeat trading update in July and England’s early exit from the World Cup, along with Andy Murray’s sooner-than-expected departure from Wimbledon, impacted sales. Wetherspoon does not normally have TV on its premises, but screens were showing the live sporting events despite the company not usually attracting sports fans.
The cost of running its pubs until 1am has seen Wetherspoon decide to close at midnight on Fridays and Saturdays, as the late-licence fee carries a charge of roughly £4000 per year.
Analysts are bullish on JD Wetherspoon and out of the 16 recommendations, seven are buys, eight are holds and only one is a sell rating.
The stock has been receiving support from the 100-week moving average of £6.87, and impressive results could see the stock hit the £7.89 level.