Punch Taverns has reported a 13.1% fall in underlying profit before tax in the year to August 2016 to £53m, down from £61m the year before.
The pub group owns 3,276 pubs around the UK. It entire estate is valued at £2bn.
It said that the average profit per pub across its estate was up 4%, and that its strategic disposal programme is now complete, having delivered ahead of expectations with net proceeds of £234m in the year, £75m above book value
Like-for-like net income was up by 1%, it said in its preliminary results.
Chairman Stephen Billingham said: “Following his appointment as chief executive officer in June 2015, Duncan Garrood led a full review of our strategic priorities.
“The outcome of this review was presented in November 2015 and set out clear plans to drive revenue and profit by realising previously untapped growth opportunities and unlocking additional value from our property portfolio.
“Progress has also been made in unlocking value from the underutilised elements of our extensive freehold property and land portfolio. A total of £11m of additional value not recognised in the external property valuation was realised in the year, and upwards of £100m of potential additional value has been identified.”
