J.D. Wetherspoon has posted a fall in full-year net profit. The pubs operator said today that, in the year to 25 July, net profit hit £29.3m, a fall of 14% from last year's £34m. Pre-tax profit before exceptionals also slid, by 4% to £54.1m.

The company blamed the falls on the lower number of new pubs it opened in the UK market.

Like-for-like sales growth dropped from 4.8% in the first half to 1.9% in the second and there was none in the months from May to August. At the same time, pub openings slowed substantially, with only 28 new pubs being opened during the year compared with 45 the previous year.