Pub operator and brewer Fuller, Smith & Turner has played down the likely effects of a smoking ban.
Releasing its interim financial results today, the company acknowledged that the proposed ban would have "implications" for the pub industry.
But it added:" Fuller's has always maintained a broad portfolio of outlets and we feel that as a premium operator with a focus on quality cask ale, food and wine, we will be able to maximise the opportunities and minimise the threats posed.
"In addition, any new laws will not come into effect for another four years, by which time smokers' expectations will have changed considerably."
The comments came as Fuller's unveiled a 2% increase in sales for the six months to 25 September to £73m (2003: £71.3m).
Pre-tax profits rose by 7% to £8.7m, against £8.1m last year. But taking out exceptional profits from property disposals, the increase was cut to just 2%, at £8.2m against £8m in 2003.
Pubs put in a mixed performance, with turnover up by 1% to £50.1m.
Sales at its managed pubs were held back by refurbishments and the poor summer weather compared with last year. Like-for-likes fell by 1%.
Sales in City of London pubs were up by 3%, as were profits in tenanted pubs.
The hotels division saw sales rise by 6% and profits by 14%. Revenue per available room increased by 4% to £42.27. Occupancy grew by 5%.
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