Managed and tenanted pub company Belhaven has delivered a 15th year of unbroken growth.
In the 53 weeks to 3 April 2005 turnover leapt by 20.5%, growing from £94.96m in 2004 to £114.44m.
Chief executive Stuart Ross said the principal growth driver had been the expansion of the pub estate, which increased by 44 pubs to 270 during the year.
Pre-tax profit was up 22.5% to £17.43m, from £14.23m in 2003.
Reporting that trading in the first two months of the new financial year was in line with expectations, Ross said: "Belhaven has a resilient business model and I am confident we will achieve our immediate aim of delivering a 16th year of uninterrupted growth."
Buy this week's Caterer magazine for more industry news and analysis