J D Wetherspoon PLC (LON:JDW) shares slurped higher as it predicted an improved performance in its financial year after trade increased in recent weeks and boss Tim Martin used the pre-close statement to describe Brexit as the new 'Magna Carta'.
Never one to shy away from political involvement or a theatrical flourish, Martin includes a long declamation he penned four days after the EU vote.
He criticised individuals and institutions, including the International Monetary Fund`s Christine Lagarde and George Osborne, for negative comments in the run-up to the vote and says such doom-mongering could in itself lead to a slow down.
"By voting to restore democracy in the UK, I believe the UK's economic prospects will improve, although it is quite possible that the unprecedented and irresponsible doom-mongering, outlined above, may lead to some kind of slowdown,” he said.
The pub chain operator reported a 4% increase in like-for-like sales for the 11 weeks to July 10 and total sales increased by 3.8%.
In the year to date (50 weeks to 10 July 2015) like-for-like sales have risen 3.4% and total sales increased by 5.5%, it said.
The year runs to July 24 and prelims will be posted on September 9 this year.
Martin is quoted in the statement, saying: "Democracy , prosperity and freedom are inextricably linked.
"The EU is heading down an increasingly autocratic path, which has already caused severe economic problems in most of southern Europe, and risks further contagion on the continent.
"Brexit is a modern Magna Carta, reasserting democratic control in the UK.
"It is up to UK citizens now to participate in formulating policies based on free trade with Europe and the world, an enterprise economy and sensible immigration policies, with parliamentary control.
"As one US president said, we have nothing to fear but fear itself. But Big Brother in Brussels is no longer in charge. The world is our oyster, provided we think clearly, debate strongly and prevent the paranoia and hyperbole of the referendum process from clouding our judgement."
The chain said it had opened 13 new pubs since the start of the financial year, sold 29 and closed 11.
It expects to open 16 new pubs in this financial year, while there will be around £13mln of exceptional, non-cash losses, which are mainly associated with pub disposals and closures.
Shares added 3.37% to 767.5p.