JD Wetherspoon PLC (LON:JDW) boss Tim Martin waded into the Brexit debate as profits at his pub chain fell.
The group saw operating profit for the half year ended 24 January drop 11% to £49.4mln despite revenues being up 6%.
The loss has been attributed to higher rates of pay for pub staff, as the chain - which operates more than 1,000 outlets - works to meet minimum wage requirements.
"Sales comparisons in the second half of the financial year will be slightly more favourable, although further wage increases are due in April,” said chairman Tim Martin.
In January, Martin warned that profit margins would be hit by higher labour costs.
He also highlighted a tax disparity between supermarkets and pub chains, another factor affecting margins.
Last week he cautioned chancellor George Osborne to address pub taxation ahead of the upcoming budget.
Panmure Gordon said the results were in line with expectations, but noted the deteriorating operating margins.
“While the company expects a reasonable outcome for the year, we expect additional wage costs to offset any top line improvement,” said analyst Anna Barnfather.
Shares were up a fraction to 693.5p.
In an article featured in the Wetherspoon News magazine, Martin firmly backed the Brexit campaign.
“This view is that all major powers should be permanently retained by national parliaments with a free vote for everyone.”
It’s not the first time Martin has spoken out against the EU, 15 years ago he opposed the introduction of the euro. More recently he backed a Britain-led free trade negotiation with the EU, attacking what he called the ‘European elite’.