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Pub owner The City Pub Group said it was trading at 90% of 2019 levels following an 'encouraging' reopening on 12 April.
The company owned 48 pubs across Southern England and Wales and a further four development sites, of which 42 pubs had reopened to date.
'We are already benefitting from the hard work carried out over the past year with our cost base significantly reduced and consequently the group is trading profitably at today's volumes,' it said.
'While our performance has been very pleasing, the continuing social distancing rules and absence of large bookings have limited trade.'
That pressure became apparent at the start of the European Football Championships, where many customers did not want to watch live sport at pubs because of social distancing restrictions.
'We look forward to all restrictions being lifted on 19 July and we believe that once restrictions are lifted, trade will build over the remainder of the year to above 2019 levels, although it is difficult to predict at this stage exactly when this might happen,' the company said.