JD Wetherspoon's chief executive John Hutson pocketed has pocketed more than £90,000 from the sale of shares in the pub chain operator.
He offloaded 20,000 for 454p a time on the same day the firm said it should see a "reasonable" outcome to the current financial year despite higher costs and the tough times its customers are experiencing. The sales leaves him with 34,801 shares.
Shares in the company have eased since Hutson sold 90,000 shares at 466.7p a time in January. JD Wetherspoon "continues to be faced with rising costs for a wide range of goods and services, combined with a reduction in disposable income for many of its customers," it said today.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sales "continue to be resilient and the performance of our recently opened pubs remains encouraging."
In the 13 weeks to 24 April, like-for-like sales increased by 2.4% from the same period the previous year, while total sales, including new pubs, were up by 7.4%. In the 39 weeks to 24 April, like-for-like sales increased by 2.4% and overall company sales increased by 7.6%.
Wetherspoons has opened 29 pubs and closed two so far this financial year. It intends to have opened 50 by the year end.
Hutson has worked with JD Wetherspoon since 1991. He replaced Tim Martin, the company's founder, as chairman in 2004.
Top Director Buys
Vane Minerals (VML) Director name: Mr Matthew C. IdiensAmount purchased: 1,000,000 @ 2.75p Value: £27,500
Vphase (VPHA) Director name: Mr Richard SmithAmount purchased: 1,034,483 @ 1.45p Value: £15,000
Sinclair Pharma (SPH) Director name: Mr Jean-Charles TschudinAmount purchased: 33,000 @ 36.00p Value: £11,880
Vphase (VPHA) Director name: Ms Vanda MurrayAmount purchased: 690,000 @ 1.45p Value: £10,005
Top Director Sells
-
Side hustle tax changes: HMRC reforms could save thousands from filing self-assessment tax returnsThe government plans to raise the tax-free threshold for trading income – here is how it could help your side hustle
-
Return to the office: is working from home coming to an end?More and more employers want their staff to return to the office. Is it a good idea?
