The company, which operated 772 pubs and restaurants by the end of the year, posted overall pre-tax profits of £118.5m compared with £139.4m in 2007, while operating profits also decreased by 6.7 per cent to £216.2m.

However, Belhaven - Greene King's Scottish division - reported an 11.9 per cent increase in its operating profit to more than £30m during the financial year, as well as a 10 per cent increase in revenue.

Greene King chief executive, Rooney Annand, said: "The funds raised by our recent rights issue will further strengthen our position through selective acquisitions and opportunistic debt reduction, resulting in an enhanced estate, an even stronger capital structure and greater opportunities for growth.

"We therefore look forward with cautious optimism and believe we have the best assets, brands and people to continue growing our share of the market."

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