Wolves has completed the acquisition of Jennings Brothers

The regional brewer and pub group said pre-tax post exceptional profits rose 13% to �32.6m in the 26 weeks to April, from �28.9m at the same time last year.

The group has been on the acquisition trail recently, adding more than 500 pubs in the last year.

It said its outlook was satisfactory despite slowing market conditions.

Confidence

The group said it had completed its �67m acquisition of the Cumbria-based brewer Jennings Brothers.

Our strong performance and market position gives us confidence David Thompson, chairman Check Wolves' share price

However, it warned of "significant regulatory challenges" stemming from changes to licensing laws, which will allow 24 hour opening for pubs.

It also said it was preparing for a possible ban on smoking in public places which the industry fears could lead to lower pub sales.

"Notwithstanding the more uncertain economic climate, our strong performance and market position give us confidence in a satisfactory out-turn for the year in line with our expectations," said chairman David Thompson.