Pub business Ei Group (formerly Enterprise Inns) has seen EBITDA drop £5m to £287m as a result of disposals.
Profit before tax was only down £1m to £121m thanks to reduced levels of debt having less impact on underlying finance costs for the financial year ended 30 September 2017.
Like-for-like sales were up 2.3% in its publican partnerships business, with average income per pub rising 5% to £79,600. The business contributed £325m to the group.
In Ei's managed operations, which include its Bermondsey and Craft Union businesses, contributed £13m to EBITDA, up from £4m in 2016.
Chief executive Simon Townsend said he was delighted with the growth in its leased and tenanted business, achieved within the regulatory framework of the Pubs Code.
He added: "We are delivering on our plans for the transformation of the group and are now beginning to accelerate the execution of these plans as our financial metrics and balance sheet continue to strengthen.
"We are mindful of current economic and political uncertainty and the inflationary cost headwinds faced by our industry, notably the rising minimum wage and above inflation increases in business rates, but our flexible business model and robust financial position leave us well placed to succeed despite these conditions.
"The current financial year has started well and we are on track with our plans. We aim to deliver positive like-for-like net income growth in our leased and tenanted and commercial estates for the year ahead, and we are encouraged by the trading performance of our expanding portfolio of managed houses."
Videos from The Caterer archives