Brewer Marston's has confirmed it will continue to dispose of smaller pubs as it reported a 13 per cent fall in profits for the year.
The brewer and pub operator, which owns chain Pitcher and Piano, said conditions were challenging but remained optimistic in its long-term outlook.
Marston's posted a pre-tax profit of £85.1 million for the 53 weeks to October 4th, blaming poor weather, a weakening economy and the smoking ban for the decline.
Net debt at the year-end was £1.27 billion, up from £1.19 billion in 2007 but Marston's said it has no refinancing requirements until August 2010.
The firm said it will reduce the size of its debt over the next year by reducing investment and selling 50-75 pubs and unlicensed properties during 2009.
Ralph Findlay, chief executive, said: "We remain cautious about the immediate trading outlook but are confident that steps already taken in respect of capital expenditure and cost management are appropriate for the current environment and that our value-for-money offers will continue to perform well."
Marston's operates around 2,250 pubs in the UK and brews several premium beers, including Marston's Pedigree and Hobgoblin.
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