At least five pubs are closing every day as the beer trade goes flat, but Marston's won't be stepping in to pick them up.

Although it is one of the stronger players in a weak field, chief executive Ralph Findlay said: "The pubs coming on to the market tend to be distressed sales, not the more-attractive pubs.

"We have got a very clear emphasis on making more of the assets we have already got and reducing debt."

Today the Banks's, Hobgoblin and Mansfield brewer revealed that turnover in the year to 4 October was up 2% to £666 million. Profit slipped by £13 million to £85 million. Perhaps controversially, Marston's is upping the dividend by 3.4% to 13.27p. Most of the big pubcos have ditched the divi this year to preserve cash.

Marston's has an estate of 2250 pubs, employing 12,000 people. Findlay is hopeful he won't need to make large-scale redundancies.

The shares have, like the rest of the pub sector, had a lousy run, sinking from a year high of 340p. Today they added 8¼p at 107¼p, leaving the company valued at £291 million.