Pubs group JD Wetherspoon reported a nine per cent rise in first-half profit today and said its founder and executive chairman Mr Tim Martin would step down to non-executive chairman in April.
The company, which runs 633 managed pubs across Britain, posted pre-tax profits of £27.8 million sterling for the six months to January 25th in line with analyst forecasts of £27-28 million.
Turnover rose 11 per cent at £389 million. The firm boosted the interim dividend 10 per cent to 1.33 pence a share.
But Mr Martin, who holds about 16 per cent of the shares is expected to retain a firm grasp on the reins of the business in his new role.
Shares in Wetherspoon dipped 0.7 per cent to 288 pence in early trade. The stock has gained around 71 per cent in the past 12 months, outperforming the mid-cap index by around 15 per cent.
The firm said operating margins were slightly lower at 9.9 per cent compared to 10 per cent in the previous first-half mainly as a result of slightly higher wages, rent and repairs.