Pre-tax profits fell 19.4% to £1.1m on turnover down 1.2% to £8.6m. Operating profit declined by 18.3% to £1.1m.
It follows an increase in pre-tax profit and operating profit of 17.8% and 18.3% respectively in the previous year.
The company, which operates c55 tenanted pubs, said: “We believe that we will trade well through this summer as last year we suffered with the Olympics stay away factor and unreasonably bad weather.”
Palmers added: “Last year we asked the Chancellor to stop the relentless increases on beer duty. Thankfully he listened to the industry and even reduced this tax by 1p per pint. Now he needs to focus on VAT and by so doing, put many 18-25 year olds into full-time careers in our industry.”
Net debt at 31 March was £1.1m (2012: net fund of £75,551).