Russ Mould, investment director at AJ Bell, said: “Pubs group Wetherspoon is not alone in wanting to press fast forward to November 26 and find out what the Budget has in store.
“Uncertainty ahead of this key fiscal event means Wetherspoon is more cautious on the outlook for the remainder of the year despite solid trading in the first 14 weeks of its current financial year.
“The one negative was hotel room sales, but a sharp fall is not hugely relevant given the company has a little over 50 hotels compared with an estate of more than 800 pubs.
“What is important for Wetherspoon is keeping costs down so it can keep prices as low as possible for punters.
“Wetherspoon’s appeal relies heavily on value, and it is heavily exposed to increases in its cost base and tax burden, which is why it will be nervous ahead of the Budget.
“Tim Martin, who often uses trading statements to give his views on a variety of topics, aired a familiar bugbear about the differential between booze and food sold in a pub versus a supermarket.”
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