The Fuller's pub empire took a £48.7million loss during the pandemic as it had to shut most of its venues due to lockdowns.
The 388 Fuller's pubs were closed for 71% of the year due to lockdowns, according to the company's accounts today.
A statement from the company said it had had an "extraordinary year that started and ended with our entire pub estate closed".
Fuller's brought in £73.4million during the year to March 27 2021.
The year before it raked in £319.7million and made profits of £19.4million.
Fuller's said the lockdowns did have an upside for its pubs - many of which have been revamped.
It said ten pubs were totally refurbished, and one even opened - The White Horse, in Wembley.
It also opened its seventh Bel & The Dragon pub - a chain of inns in the south of the country.
The pub group wants to improve 90 more of its venues this year, including beer gardens.
Fuller's said it was optimistic that pubgoers would surge back into its venues.
"High customer demand while sites were open gives us confidence in our ability to rebound strongly as restrictions are eased," it said.
It said its sales for the year to July 3 2021 were 76% of what they were in 2019, before the pandemic.
Japanese brewer Asahi bought the beer-making side of Fuller's in 2019 for £250million.
What is left is the pubs and hotels side of the brand - though these still stock Fuller's-branded beer due to a tie-up with Asahi.
Unsurprisingly Fuller's does not plan on paying a dividend to shareholders this year.
But it said it would return to a "progressive dividend policy at the appropriate time".
Fuller's chief executive Simon Emeny said: "Pubs are social spaces that thrive on spontaneity – a quick pint, staying for a bit longer to chat to someone at the bar or just walking past a beautiful pub garden and deciding to stop for a bite to eat without pre-booking a table.
"I know that, across our estate, our teams are excited to see those behaviours return."
All social distancing rules for pubs, restaurants and bars will be scrapped in England on Freedom Day, which Prime Minister Boris Johnson has confirmed will be on July 19.
Speaking during a much-anticipated press conference at Downing Street earlier this week, Johnson said there will be no more restrictions on seating numbers.
This means you will be able to sit with more than six people at a venue.
Table service will no longer be mandatory, meaning you can order at the bar again without having to be seated at a pre-booked table.
There will also no longer be the need to scan a QR code upon entering a location for the purpose of NHS Track and Trace, the PM said.
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