Pubs group and brewer Marston's saw its profits drop as its pubs were flooded and bad weather kept punters away.
Pre-tax underlying profit in the year to the end of September was £98m, down from £101.5m in the previous year.
About 150 pubs were affected by flooding in June and July, with the cost of repairing pubs and high interest rates hurting profits.
Turnover was up 9.6% at £652.8m, helped by the recent purchase of Eldridge Pope and Ringwood Brewery.
"We remain cautious about consumer confidence, regulatory cost pressures and the short term impact of the smoking ban," Ralph Findlay, chief executive said.
"We are, however, well positioned to continue to exploit current trends, including the continuing growth in casual dining," he said.
Marston's, best known for its flagship Pedigree bitter, owns the Pitcher & Piano and Taverners Carvery chains.