Marston's reported total revenue of £821m against £1.17b last year in its results for the year ended 3 October 2020.
Although its full-year sales were impacted by the 15-week closure of pubs this year, it said its fourth-quarter like-for-like sales have been 90% of 2019.
However, the group added the adoption of vaccines, and the lifting of restrictions on pubs, are "critical to the recovery of trade to normal levels".
Chief executive Ralph Findlay said: "Whilst short-term uncertainty remains, we have taken swift action to future-proof the business to withstand the challenges presented by the pandemic and Marston's has emerged a significantly stronger business, with a substantially strengthened balance sheet and well placed to rebuild trading momentum when restrictions are eased. The roll out of the vaccine is clearly critical to that, but in the meantime the sector continues to face major challenges and government support will need to continue in order for many viable businesses to survive.
"Looking forward, Marston's has entered the current year fit for the future and excited about the next chapter in the Company's development as a focussed pub and accommodation operator. We look forward to realising the potential of the group's brewing JV with Carlsberg and wish the team at CMBC every success.
"There is clear evidence that consumer demand for our pubs remains strong and our geography, as a predominantly community pub operator with 90% of our well invested, high quality pubs located outside city centres, leaves Marston's well placed to leverage the market opportunities available to us over the medium to longer term."
With recent government announcements on the tier system and criteria, Marston's acknowledged the winter months will be "both challenging and uncertain" and 780 Marston's pubs remain closed following the November lockdown.
Meanwhile, Marston's joint venture with Carlsberg to create the Carlsberg Marston's Brewing Company in a deal that valued Marston's at £580m and Carlsberg UK at £200m completed on 30 October, following which the group said it is "singularly focused on operating a great pub business".