Pub operator Honeycombe Leisure enjoyed a solid performance last year despite being in the middle of a major operational shake-up.
The company, which owns and manages 95 pubs and inns in the North of England, is repositioning itself in the marketplace by taking on an increasing amount of management contracts.
Despite this, turnover for the year to 2 May increased 2% to £33.65m (£32.97m), with profit before tax of £1.8m (£1.76m).
Management deals last year included the sale and leaseback of 12 sites to Punch Taverns in February, and an agreement with the Great English Pub Company last December to manage six of its Ma Hubbards pubs.
The Punch deal allowed the company to pay off debt, but hit earnings in the short term as it had fewer pubs.
Honeycombe hopes to hit the 100-pub mark during its new financial year.