Shares in UK-listed pubs operator JD Wetherspoon jumped 3% on Wednesday morning after the market cheered its second-quarter fiscal trading update.
Wetherspoon said like-for-like sales rose 6% over its fiscal 2018 second quarter, ending on 21 January. Total sales increased by 4.3%.
“As a result of better-than-expected sales, year-to-date underlying profit before tax is slightly ahead of our expectations,” said the group.
Wetherspoon, however, cautioned that similar outperformance in the second half of its fiscal year would be “more difficult to achieve”.
Wetherspoon revealed it had opened three new pubs and sold ten since the beginning of its financial year.
It has plans to open another ten pubs over the next six months.
The company said it had spent £15m on buying the freeholds of pubs that were previously tenanted.