JD Wetherspoon, Greene King and Hornby

“The FTSE100 was in negative territory in early trading following softness on Wall Street overnight and with traders looking to data on the UK's goods trade balance, construction output and consumer inflation expectations later this morning,” says AJ Bell Investment Director Russ Mould.

“Pub group JD Wetherspoon chairman Tim Martin pulled no punches over Brexit doom-mongering when he unveiled full-year record results. Martin said gloomy economic forecasts for the immediate aftermath of the referendum had proven to be false and dismissed fears over any failure to agree a trade deal with the EU as 'Scare Story 2'. He believes reaching formal trade deals with reluctant counterparties is impossible and it is unwise to try.  

“Wetherspoon's sales have continued to be encouraging and increased by 4.1% since the end of July. It remains to be seen whether this will continue over the remainder of the year, given strong like-for-like sales last time and what remains a very low-inflation environment. JD Wetherspoon topped the FTSE250 board with its shares up by more than 3.3% in early trading.

“Greene King is warning of a potentially tougher trading environment ahead following a number of industry surveys which have flagged risks to leisure spend. The group is confident of further strategic and financial progress but says uncertainty following the Brexit vote has translated into a softening of some economic indicators and a reduction in consumer confidence. Greene King’s shares were down by over 3.9%.

“Models and collectibles group Hornby is trading in line with forecasts and on track with a restructuring plan which aims to refocus the business on profitable and cash generative products, channels and geographies, while also reducing the cost base.”

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