Accounts filed at Companies House showed pre-tax profits fell to just £101,000 in the year to 24 April from £593,000 in the previous 12 months.
But Montpeliers’ directors said the results had still beaten their expectations given the “background of weak consumer confidence and a difficult retail environment in Edinburgh”. Turnover dipped 4.5 per cent to £15.3 million.
Development director David Johnston told The Scotsman that the current financial year had been “pretty good” but warned rising unemployment could make 2012 tougher.
Montpeliers took an £83,000 writedown after selling its Assembly Bar on Lothian Road in July. The firm’s bars and restaurants include Candy, Indigo Yard, Ricks and Tigerlilly.