Sales at pub giant Punch Taverns slowed in the year to 20 August.
Like-for-like growth at the 8,000-plus strong estate was 2.5% in the year compared with 2.9% in the previous year.
This did not include figures at the former Pubmaster estate or Innspired, where trading was described as positive.
Following the August acquisition of Avebury Taverns and the sale of 45 pubs to Admiral Taverns, the company currently owns 8,182 pubs.
Punch increased its capital expenditure programme and invested in 936 pubs during the year, nearly half of which (45%) were from Pubmaster.
Chief executive Giles Thorley said: "We are confident that these activities will continue to show benefit into the forthcoming year."
Punch said 20% of the estate had now been granted new licences and it remained confident that all would have them before the start of the new regime in England and Wales in November.
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