Fuller Smith & Turner PLC (AIM:FSTA), the pub group, traded flat despite a surge in profits and plans to upscale its sites as it switches to tenanted outlets.
Sales jumped by 11% to £360 million in the year to March, helping pre-tax profits rise by close to 39% to around £14.4 million.
Fuller's said it invested some £27.2 million in refurbishing its sites, while around 23 of its managed pubs and hotels were turned into tenanted sites purchasing stock from the landlord.
Through making this switch the hospitality firm expects to add an incremental £1 million to its profits.
Ahead of thousands of punters across the country cheering on their country in the Euro this weekend, the group said sales in the last few weeks had already risen year-on-year by around 4.4%.
Boss Simon Emeny said: "Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment.
"As of today, those inflationary pressures - especially in regard to food and energy - have reduced, which gives us additional confidence in the coming year."
Mark Crouch at eToro welcomed the results, claiming the "signs are positive for Fuller's" pointing to tourist recovery and a steady return to office work in London.
“A hot summer, should we be so lucky, will speed up the recovery and the company will of course have one eye on the European championships kicking off later this week, which promises to bring pub goers out in force.
"With England tipped to go deep into the competition, a healthy boost in profits could be coming home for Fuller's," Crouch added.