Wetherspoon pours out rising sales

● But profit margins take a hit amid increased cost pressures

ordering and paying for food and drink. In addition, the company sold or put the shutters up at about 40 of its sites in 2017.

Douglas Jack, an analyst with broker Peel Hunt, said he expected Wetherspoon’s likefor-like sales growth to come in at 3.8 per cent over the current financial year.

He added that underlying profit margins in Q1 were “disappointing” at 8.6 per cent given the level of sales growth, pub sales and the share of income rising from Wetherspoon’s burgeoning hotel business and freehold reversion sites. “Discounting is good for sales, less so for margins,” Jack added.

Martin, a prominent Brexit backer, also said the “lowest food prices” can be obtained by the UK by avoiding a transitional deal with the EU.

“This would enable the UK to scrap EU food tariffs, as permitted under World Trade Organisation rules, on food imported from outside the EU. Under WTO rules, tariffs would not then be charged on imports from the EU either,” he said.

His comments come amid concerns that Brexit could see UK food safety standards compromised, with US products such as chlorinated chicken entering the UK market in place of EU products.