West London-based Fuller described its performance as "resilient" and hailed a 2.3 per cent improvement in like-for-like sales at its managed pubs and hotels arm.

Overall revenues from 360 pubs, six hotels and the brewing operation rose 1 per cent to £94.4m for the 26 weeks to September 27. However, Fuller's said rising commodity and energy prices meant it also faced a £5.5m increase in annual costs.

It offset this with £2m of cost saving initiatives, as well as price rises.

Chairman Michael Turner said the company was well placed to ride out the economic downturn, given the company's position at the premium end of the market and the fact that it owned freeholds to the majority of its pubs.

He added: "Our pubs are well run, are in excellent condition and we have an outstanding portfolio of beer brands."

Fuller's said the momentum in the managed pubs estate continued into the second half of the financial year, with like-for-like sales up 2.2 per cent for the 33 weeks to November 15.

The beer division's volumes declined against the same period a year earlier, although the company said it continued to grow share in a falling market.

Half-year revenues for the beer division rose 2 per cent to £30.9m but operating profits decreased by 3 per cent to £3.4m as a result of increased marketing spend compared with a year earlier.

UK own-beer volumes declined by 2 per cent, but this was within an ale market down 9 per cent in the same period.

Yesterday's figures drew a positive response from Panmure Gordon analyst Philip Dorgan. He said: "These numbers show considerable financial strength and a company that is built to emerge from the recession stronger.

"We have trimmed our numbers slightly to reflect the impact of the recession upon consumer spending but, with substantial freehold property support, the shares look a very safe haven."