British pub chain JD Wetherspoon has announced a 20 per cent increase in profit before tax in the first six months of the year.
Interim results for the firm reported an eight per cent increase in sales taking the company's turnover to £438.4 million so far.
The group also announced an increase of 17 per cent in operating profit, up by £6.6 million on last year to £46.3 million.
Despite its "period of considerable progress" Wetherspoon warned it was looking to the outcome of the second half of the financial year with caution due to an "increase in wages and utility costs combined with slower sales growth".
Chairman of the chain Tim Martin said: "Following strong like-for-like sales until Christmas, sales growth slowed in January and February. The company is targeting like-for-like growth in the second half year of about two to four per cent.
Mr Martin added: "The company continues to make strong efforts to improve every area of its business and, combined with targeting continuing improvements in sales and trading performance and our strong cash flow, we remain confident of future prospects."
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