Leicester brewer and retailer Everards has reported an increase in operating profit for its most recent year despite an decrease in turnover.
The company, saw turn-over decrease by £993,000 or 3.1% to £30.39m, but operating profit improved by 3.4% to £3.63m.
The rise in operating pro-fit came despite an impairment charge of £506,000 on seven properties.
Profit before tax was £2.37m compared to £2.72m the year before.
Gross margin on sales to licensees in Everards pubs was down 0.2% to £7.31m while rents receivable were up 2.4% to £6.32m.
In company accounts, Everards criticised the 8% increase in beer duty in December 2008 as a "classic stealth tax as pub customers will feel the impact on prices, but most will not be aware of the cause".