Suffolk brewer and pub/hotel company Adnams saw a sharp drop in profit in 2017, after making a total of £9.3m worth of investment in the business.
The company increased turnover by 6.4% to £74.8m in the year to 31 December 2017, which it described as "challenging and busy".
However, pre-tax profit fell to just over £1.5m, down from £5m the year before.
Adnams made a £6m investment in its flagship hotel, the Swan at Southwold, as part of a transformation of the 17th century property.
The company said that the refurbishment, during which the hotel was closed, combined with the completion of a three-year investment project in the company's brewery and an ongoing IT systems upgrade explained the fall in profit.
Chairman Jonathan Adnams said: "2017 was a year of huge investment. We saw some inevitable disruption, but we delivered substantial change.
"We continue to focus on what matters most. To deliver a service and product which allows us to stand out from the crowd.
"To grow the business when and where appropriate, answering increasing market demand. And above all to delight our new and loyal customers in everything we do."
The company, which describes itself as a "brewer that owns pubs" rather than a pub company that brews beer, saw beer volumes rise 9.1% during the year, with online sales up 15%.