Wiltshire brewer and retailer Wadworth's has reported turnover up, but profit down for its most recent year.
The company saw turn-over rise from £46.61m in 2008 to £52.59m in the year to 30 September 2009, thanks to the addition of four managed pubs to the estate. However, pre-tax profit dropped by £582,000 to £5.4m.
Chairman Charles Bartholomew said: "The tenanted side has really felt the downturn and contribution was 4.2% behind on a like-for-like basis — and increased overheads, duty increases and ever more legislation certainly do not help.
"But I believe we are now beginning to turn the corner. Recruitment for new licensees is working well and we are getting some very good tenants taking our pubs. At the same time, tenants leaving the trade has slowed, so we are not having to make so many changes."
Bartholomew said managed pubs had a "much better year" with overall contribution up 14.2% and with food turnover up and sales of its own beers ahead.
He added: "It has been a year of consolidation with a lower amount of capital spending other than in the brewhouse, and no new pubs, leading to a small reduction in borrowing.
"We have sold two bottom-end pubs and have six more that are with agents.
"We have undertaken a review of all costs and this has proved successful in bringing our cost-base down in many areas. More needs to be done and will be done in the coming year.
"The tenanted side is in a stronger position with fewer pubs on the "to let" list, more new recruits coming forward, some good help for tenants on the marketing side and a constant reminder that good service, quality products and a value-for-money offering are the keys to a successful pub, as many of our best tenancies clearly show."