Pub group Fuller, Smith & Turner has reported a drop in profits in its H1 numbers to 29 September after front-loading its investment programme.
Revenues picked up by 6%, rising to £222.1m year on year, while EBITDA experienced a slight uptick of 2%, settling at £38.2m.
However profits before tax fell by 1% to £23.6m, while the company's debt is reported to have risen to 3.1 times its EBITDA figure.
Increases in sales across the group's managed pubs and hotels stood at 4.1%, along with 4% in tenanted properties. The group operates some 380 sites across the south of England.
CEO Simon Emeny said: "I am pleased to be reporting another good performance. Each division is delivering growth and we continue to benefit from having a well-balanced business.
"Our excellent management team has further strengthened the business through a clear vision, a strong set of values and a commitment to growth through offering an outstanding customer experience and recruiting, developing and retaining the best people."
He also called for the profit dip to be taken in context, saying: "We made a conscious decision to front-load our investment programme - impacting our profitability by £0.9m."
And while the company stated uncertainty around Brexit remains an issue, he added that "with a first-class team of people, a well-invested pub estate and a portfolio of outstanding brands, we are ready and able to face the future."