March 20, 2020 / 7:24 AM / 13 days ago

BRIEF-J D Wetherspoon Sees Profits Below Market Expectations, So Long As Current Health Scare Continues

March 20 (Reuters) - J D Wetherspoon PLC:

* INTERIM DIVIDEND CANCELLED (2019: 4.0P)

* HY PROFIT BEFORE TAX £51.6M (BEFORE EXCEPTIONAL ITEMS (POST-IFRS 16))

* NOW ANTICIPATE PROFITS BEING BELOW MARKET EXPECTATIONS, SO LONG AS CURRENT HEALTH SCARE CONTINUES

* IMPOSSIBLE TO PROVIDE REALISTIC GUIDANCE ON OUR PERFORMANCE IN REMAINDER OF FINANCIAL YEAR

* J D WETHERSPOON - IN EARLY PART OF CURRENT WEEK, FOLLOWING PRIME MINISTER’S ADVICE TO AVOID PUBS, SALES DECLINED AT A SIGNIFICANTLY HIGHER RATE

* DECIDED TO DELAY MOST CAPITAL PROJECTS AND TO REDUCE EXPENDITURE, WHERE POSSIBLE, INCLUDING CANCELLATION OF INTERIM DIVIDEND

* BELIEVES IT HAS SUFFICIENT LIQUIDITY TO MAINTAIN OPERATIONS AT A SUBSTANTIALLY LOWER LEVEL OF SALES

* IN WEEK TO 15 MARCH, SALES DECLINED BY 4.5% Source text for Eikon: Further company coverage:

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