In its accounts for the year to 24 July 2011, Wetherspoon reported an increase in total sales for the year of 7.6 per cent, with like-for-like sales up 2.1 per cent.
Like-for-like bar sales increased 1.7 per cent while food sales improved by 4.2 per cent on the same period last year.
However chairman Tim Martin criticised high interest rates and VAT as contributing to an already ‘tough trading environment’.
“The biggest danger to the pub industry is the tax disparity between supermarkets and pubs, creating a serious and unsustainable competitive disadvantage,” he said.
“In addition, our pubs pay far higher VAT than those of our nearest neighbours, Ireland and France, as well as having the second highest rates of excise duty on beer and wine in Europe.
“The well documented increases in areas such as utilities and bar and food supplies, combined with ongoing pressure on consumers’ income continue to make this a tough trading environment.
“Nonetheless, given our resilient sales, profit and cash flow, together with the potential to open further new pubs, the board is aiming for a reasonable outcome in the current financial year."
Wetherspoon opened 50 pubs during the year, 34 of which were freehold, and closed two others, resulting in a total estate of 823 pubs at the end of the financial year.
The group intends to open a further 50 pubs in the coming year.