Punch Taverns declared a 1.3-per-cent like-for-like rise in income during the past 12 months.
The firm sold off 285 pubs in the last year, raising £111 million
Stephen Billingham, executive chairman of Punch Taverns, said:
"We have returned the core estate to like-for-like growth and delivered underlying profits for the year in line with guidance.
"We have also made a positive start to the new financial year with the core estate in like-for-like net income growth of 0.8 per cent and have realised £43 million of proceeds from the sale of non-core and gold-brick sites.
"We believe that the capital restructuring completed last month creates a robust and sustainable debt structure, providing stability to the business that will lead to further changes through strong cash generation.
"We can now focus on improving our business through investment in our pubs, attracting the best partners to work with us and providing industry leading support to our partners to launch and develop their pub businesses."