The licensing reform process will cost Punch Taverns £4m this year - around £1m more than bosses first thought.
The company has driven the licensing applications process for its tenants and more than 20% of licences have been granted already, with the rest expected to be in place by November.
>A Punch spokesman said licensing reform has 'been an enormous operational activity'.
>He added: 'We have taken a very pro-active approach, which has ensured that substantially all licences applications sought variations to opening hours or terms to suit their individual business plan.'
Customer services director Francis Patton said Punch was paying for around 45% of total licensing costs, premises plans and some legal costs.
'Some authorities are being pro-active in resolving objections, others are causing them,' he said.
>Licensees have been given the option of Punch meeting all licensing costs up-front with a two year pay-back. Punch is taking the £4m cost of implementing licensing reform as an exceptional item.
>Patton said the applications process had been a major drain on the time of its business development managers. This is likely to continue for the next four to six weeks as the hearings process takes place.
The company reported like-for-like sales growth had slowed to 2.5% in the 52 weeks to 20 August from 2.9% the year before. Trading in the former Pubmaster and InnSpired estates was also positive: the two estates have not been owned long enough for like-for-like comparisons.
Punch revealed it had bought 106 pubs in the past year as well retaining 471 InnSpired pubs and 409 Avebury sites.
The company had also completed 936 pub investments during the year, 45% of which were from the former Pubmaster estate.
Chief executive Giles Thorley said: 'Focus on retailers and development of the estate still provides steady growth.