Lockdown brings JD Wetherspoon's first losses but investors see glass half full

Firm lost £154.7m in the year to 31 July

Lockdown restrictions throughout the coronavirus pandemic put a “sledgehammer” through JD Wetherspoon’s business model and while short-term concerns remain, investors are toasting the long-term prospects for Tim Martin’s pub chain.

When the group listed in 1992, it was home to 50 pubs and had a share price of 160p. Today, 42 years after it was founded and 29 years since its listing, the FTSE 250 stock houses more than 900 pubs and...