Pub group Mitchells & Butlers saw pre-tax profits grow by more than 10% in the year to 28 September 2019.
The group, behind brands including Vintage Inns, All Bar One and Harvester, reported revenue of £2.2b, a slight increase on the year before, and pre-tax profits of £177m, up from £130m the previous year.
Like-for-like sales had grown by 3.5% in the period, performance the group has said was largely driven by sales initiatives and efficiencies that increased the group's operating margin to 14.2%.
Chief executive Phil Urban said: "These strong results reflect the work we have done over the last few years, first to build sustained sales growth and then to convert that into profit growth.
"It has been extremely encouraging to see an improvement in like-for-like sales growth across the portfolio during the year, fuelled by our Ignite programme of work. This puts us in a stronger position as we move forward into the next financial year, in what we expect to remain challenging market conditions."