Burger restaurant chain Byron's turnover jumped by 24% in 2014/15 but pre-tax profits remained flat.
The figures for the year to 28 June 2015 showed a pre-tax profit of £5.5m, down slightly from £5.6m the year before.
It drew £6.9m from its £14m capex facility during the period to help fund the openings.
The company, founded in 2007 by Tom Byng, was bought in 2013 from former PizzaExpress owner Gondola Holdings by private equity firm Hutton Collins for £100m.
Hutton Collins, which also backs Wagamama, plans to open around 10 Byron restaurants a year.