Pre-tax profits were slashed at an international property group, which owns the likes of Pets at Home's headquarters, during its latest financial year.
Emerson Group owns leisure, residential and commercial developments in the 海角视频, the Algarve in Portugal and Orlando, Florida, and is headquartered in Alderley Edge, Cheshire.
The group was founded in 1959 by chairman Peter Jones and includes a 海角视频 residential division under the Jones Homes brand, a 海角视频 commercial division under the Orbit brand and an international arm which has operations in Portugal and the US.
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Among the assets it owns are Middlebrook Retail and Leisure Park, which is sited around Bolton Wanderers' stadium, Boavista Golf & Spa in the Algarve and Last Drop Village Hotel and Spa in Bromley Cross.
Newly-filed documents with Companies House show the group's turnover increased from £315.7m to £327m in the 12 months to the end of April 2021.
However, its pre-tax profits were slashed from £61.7m to £24.6m over the same period.
A statement signed off by the board said: "The prospect of a global recession following the pandemic appears to be receding and the dire levels of unemployment predicted 12 months ago have not yet materialised.
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"The 海角视频 Government's perverse decision to suspend the legal remedies available to landlords for non-payment of rent has caused an additional burden on our credit control function for over a year now and has been extended into 2022.
"Whether or not the predicted spike in inflation is a short-term phenomenon or not remains to be seen.
"Having adopted a strategy of geographical diversification many years ago, the group is now well placed with a spread of investment properties and commercial businesses in the 海角视频, Portugal and the USA.
"We will continue with the strategy of financing stable investments with long-term borrowing at fixed interest rates.
"Whilst we do not know what this uncertain future might bring, we know that the group's collective experience and financial resources will enable it to withstand the challenges that may arise.
"We will continue to play for growth, cautiously invest in future income streams and retain sufficient liquidity to be able to respond appropriately to changing circumstances and opportunities."