Was there some deflection going on here?
For Tim Martin, the Brexit backing chairman of Wetherspoons, seemed happier directing PM Theresa May on the UK’s uncoupling from Europe, than explaining the decidedly average full-year figures churned out by the pub chain Friday.
His results commentary ran to 1,100 words yet only 83 of them addressed the company’s financial performance.
Yet operating profits fell 2.5% in the 12 months to July 24 to just shy of £110mln as the company was hit by increased staff costs, rising utility bills and a jump in depreciation.
Property gains provided a £5mln ‘below the line’ boost to the 2016 figures, which meant pre-tax profits grew by 3.6%.
The dividend is maintained at 12p, representing a 1.3% yield. The market will decide whether this is payment enough for the lack of growth.
The current year has started reasonably well with an ‘encouraging’ 4.1% increase in revenues.
However Martin warned: “Despite this positive start, it remains to be seen whether this will continue over the remainder of the year, given the strong like-for-like sales in the last financial year and what remains a very low-inflation environment.”
Update at 12.30pm
"We’re not throwing our hats into the air, but it's been a solid year for us,” began Martin at Friday morning’s press conference.
This summer’s sporting wins, including the stand-out performance from Team GB at Rio, contributed to a “feel-good-factor” and encouraged more to head down to the pub, he said.
It wasn’t long before the Brussels-bashing Wetherspoon’s boss started gloating: "The one thing worse than blaming the weather is blaming Brexit.”
Martin claimed his shareholders weren't worried about his outspoken stance during the campaign, adding: “[They] are happy enough as long as you’re running the company well. We’re only as good as the next pint.”
So what’s his next battle? "VAT equality for pubs," he declared.
Martin has previously warned of the government’s “inequality” when it comes to taxing pubs versus supermarkets and restaurants. He said it was “killing the pub industry”.
He believes a harmonisation of rates would create more jobs and higher levels of overall revenue.