Underlying pre-tax profit fell from £81.4m to £58.6m during the 52 weeks to 26 July 2026, while revenue increased 5.2% from £2.128bn to £2.238bn, according to its latest annual report.
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Like-for-like sales rose 4.2%, including a 6.1% increase in bar sales. Food sales grew 1.2%, machine sales 7.4% and hotel rooms 1.3% during the period.
However, costs increased 5.3%, including an additional £46m in wages, £31m for repairs and £9m in business rates.
Sales per pub were 36.6% above 2019 levels, ahead of CPI inflation of 33%, but energy costs had risen 77.4%, repairs 84.5% and wages 64.4%, leaving profit and earnings standing below pre-pandemic levels.
Exceptional weather
However, the group reported a stronger start to its new financial year, with LFL sales up 8.6% in the nine weeks to 27 September, attributed to “exceptional weather” and investment in beer gardens and outside seating.
In August, the group’s LFL sales increased 7.7% compared with 0.8% across the wider sector, as highlighted in NIQ RSM’s Hospitality Business Tracker.
JDW said this marked the 48th consecutive month it had outperformed the tracker.
The group opened eight managed pubs during the 12-month period, selling 10 trading pubs and five non-trading properties, generating £10.1m.
It ended the year with 792 managed pubs, two fewer than the previous year and 87 fewer than in 2019.
JDW said it planned to open around 15 managed pubs this financial year.
Cost pressures
In addition, 15 franchised pubs opened during the past year, taking the total to 23, with a further 15 to 20 planned.
Looking ahead, JDW expected underlying pre-tax profit for the current financial year to be in line with market expectations of £74m.
The results come after chairman Sir Tim Martin warned in July that full-year profits would be lower than previously expected amid higher food, labour, repair, energy and business rates costs.
He also urged the Government last month to freeze alcohol duty at the upcoming Budget, warning a further increase would be the “last thing pubs need”.
Commenting on the results, Martin said: “The hospitality industry, as many commentators and companies have noted, has borne the brunt of Government-led tax and regulatory cost increases, especially in the last two Budgets.
“This has resulted in pubs becoming even more expensive than supermarkets, leading to job losses, closures and high street dereliction.”
