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Wetherspoon to bolster portfolio by a third
Pub operator JD Wetherspoon has launched positive interim results and plans to strengthen its portfolio by one third. The group already owns 470 properties, with 42 opening in the six months to 28 January 2001. Management has plans for 160 additional sites, half of which will be new pubs and 41 of those are already under construction. Negotiations are also underway to acquire some 79 existing pub sites. During the financial period pre-tax profits rose 31 per cent to £20.5m on turnover up 30 per cent to £226.7m. Like-for-like sales rose 6.5 per cent in comparison to the period the previous year. Commenting on the results, Wetherspoon chair, Tim Martin, is positive about the company's future in an industry currently experiencing streamlining: As a result of our good performance in the six month period, our continuing sales growth, and the dedicated efforts of our staff, I remain confident of our future prospects.
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