Wolverhampton & Dudley, the largest regional brewer in the UK, has reported profits before tax and exceptionals of £74.0m for the 52 weeks to September 28, which is 3% down from £76.1m last year. Analysts' forecasts had ranged from £73m to £74.6m.

The brewer of Banks’s and Pedigree beer brands and owner of 1.630 pubs said that sales at its managed pubs had fallen down in October and November.

"Current trading is subdued, but we are in mainly value for money community pubs rather than premium priced high street outlets, and so we are more resilient than most in the industry," said CEO Ralph Findlay. "I think consumer confidence is weaker than it was and we would not expect it to turn around quickly."

In spite of the profit fall and recent slow sales, analysts greeted the W&D results enthusiastically as a resilient performance ahead of the pub sector.

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