Despite announcing positive trading figures over Christmas - news which boosted the group's shares by more than 14 per cent today - managed pub operator JD Wetherspoon said it plans to scrap its dividend and slash investment in new pub openings in order to save cash. With a $140m (£90m) loan repayment looming this September and cash at a premium, Wetherspoon said the steps were prudent. "In the light of current uncertainty in the credit markets, the board has decided to reduce substantially capital expenditure on new openings and to cancel future dividend payments in order to ensure the repayment of the private placement from cash flow and existing facilities," it announced in a trading update. Despite this the group maintained it would open 12 more new pubs by July, having unveiled 21 new sites so far this year.