Pub giant Enterprise Inns has reported a fall in EBITDA and flat pre-tax-profit in its preliminary results for the financial year to 30 September 2016.
Revenue for the group, which is the UK's largest pub owner with a total of 4,470 properties in its leased and tenanted estate, grew 1.1% from £625m to £632m.
The fall in EBITDA, down 1.3% from £296m in 2015 to £292m this year was said to be "in line with expectations and reflecting the impact of planned disposals". Pre-tax profit stood still at £122m.
Simon Townsend, chief executive of Enterprise, said the company was pleased to have delivered its financial objectives for the year, which has involved "maintaining the growth momentum in our leased and tenanted business, while making significant progress in building our commercial property portfolio and managed operations and investments businesses".
He went on to say that while some economic uncertainty lay ahead, trading in the first six weeks of the new financial year had been in line with expectations.
"We are confident that the actions we are taking to execute our strategic plans are the most appropriate response to changes in the regulatory and economic environment. Our proactive management of debt refinancing and our returns-driven approach to allocating excess cash will deliver both near and long-term benefits to all our stakeholders," he said.