Wetherspoon remains the "standout quality pub operator" with attractive assets, dependable returns and a sensible roll-out programme, according to City analyst Investec.
There should be VAT equality for pubs, restaurants and supermarkets, insists Wetherspoon boss Tim Martin
Investec analyst James Hollins said the roll-out plan was on track to drive a double-digit medium-term compound annual growth in earnings.
Hollins retained the analyst's 'buy' advice, after reviewing Wetherspoon's full year results to the end of July.
The pub chain said record sales of traditional ales and ciders had driven profit growth over the past year.
Profit before tax and exceptional items rose by 6.3% to £76.9M.
Like-for-like sales climbed by 5.8%, with total up by 7% to £1.28bn.
A total of 886 pubs
During the year Wetherspoon opened 29 pubs and sold three, to retain a total of 886 pubs.
Tim Martin, the chairman of Wetherspoon, said: "I am pleased to report another year of progress, with record sales, profit and earnings per share, despite having paid £551.5M in taxes during the year (equivalent to £632,000 per pub) and rewarding staff with £28.6M."
But it was unsustainable to have far higher taxes for the pub industry than those for supermarkets, he added.
"Already, 10,000 pubs have closed and many others are suffering, through insufficient investment. In particular, there should be VAT equality for pubs, restaurants and supermarkets."
