Bar and nightclub operator Po Na Na saw lower trading and a fall in profits in the six months to the end of September, as it continues to try and sell underperforming venues.
Profits were £0.9m on a turnover of £16m, compared to £1.3m on £17.2m a year ago.
Executive chairman Christian Arden (pictured) said the fall in turnover was due in part to the difficulty of continuing to operate outlets that are being marketed for sale, and that the disposal programme remains a priority.
With 10 units sold, and contracts exchanged or in negotiation on five more, Po Na Na is left with about six more non-core units it hopes to sell, mostly acquired as part of a package from Luminar.
Sales have been hit by a proliferation of units being put on the market by other operators. However, Arden echoed the view expressed by Wetherspoon boss Tim Martin last week that with the property market saturated with businesses for sale, operators looking to expand should start to see payback next year in terms of lower prices.
New outlets are performing well. Brighton, which opened in May, is already one of Po Na Na's best performing outlets, Portsmouth, a double floor unit which trades under both the Boom and Po Na Na brands, opened last month and is trading ahead of expectations.
With a scaled back expansion programme and gearing of 61 per cent, Po Na Na believes it is well positioned to trade out the current tough trading conditions.
Mr Arden said: "It is pleasing to present results which show that the core business has traded satisfactorily even in these very competitive times. As the disposal programme comes to an end, the Group and the Po Na Na brand are well positioned for measured expansion and growth to achieve long term shareholder value."