(Reuters) – British pub group J D Wetherspoon Plc returned to a half-year profit, as customers flocked at its pubs despite a cost of living crisis.
“The company is cautiously optimistic about further progress in the current financial year and in the years ahead,” Chairman Tim Martin said in a statement on Friday.
Pubs and restaurants continue to face high costs and customers limit their spending on discretionary items amid a cost of living crisis, the hospitality sector remains cautious on its 2023 outlook.
The company reported a profit of 4.6 million pounds ($5.7 million) for the six months ended Dec. 31, compared with a loss of 21.3 million pounds in a year ago.
($1 = 0.8149 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich)
