First-half profits at UK pubs group JD Wetherspoon dropped by 31 per cent, thanks to rising overheads, such as energy and wage bills, it said.
Pre-tax profits fell to £14.3 million in the six months to January 23, down from £20.7m in 2004.
If exceptional items - related to a new distribution centre and the cost of selling 16 of its pubs - are not taken into account, propfits actually fell by 20 per cent from £27.8m to £22.3m.
Turnover in the period was up by four per cent, to £403.3m but the six months were described by the group as "testing".
