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Pub group and brewer Marston's (LON:MARS) hailed the success of its new-build pub restaurants as it served up higher annual profits.
Marston's said about 78% of its profits now came from managed or franchise-style pubs in which it has direct control of the products offered.
Since 2009, the company has opened 134 new-build pub-restaurants with high levels of profitability and strong returns.
It said the average market value of a Marston's new-build pub-restaurant was 40% higher than the cost of building it.
The company has built 25 pub restaurants so far this year, creating 1,250 jobs, and reduced the size of its pub estate to 1,600 from 2,050 since 2013.
Marston's increased underlying pre-tax profit by a tenth to £91.5mln on a 7% rise in revenue to £845.5mln in the year to October 3.
It said it would only face a moderate impact from a rise in the national minimum wage to £7.20 an hour for staff aged over 25 because 60% of its workforce was younger than that.
"Our focus will centre on improving the quality of service to mitigate further the impact of the cost increase," it said.
The group increased its dividend for the year by 4.5% to 7p per share.
It said the new financial year had begun well, with both pub trading and beer volumes in line with expectations.
"At this early stage in the year we remain confident of achieving our targets for the full financial year," it said.
Marston's, whose beer brands include Pedigree and Hobgoblin among others, said brewing volumes rose 15%.
Chief executive Ralph Findlay said: "At this early stage of the current year, trading has begun well and we look forward to building on this momentum over the months ahead."
Broker Shore Capital added: "The group state a good start to the new year which we read as LFL sales are positive and we retain our 2016f PBT of £100mln"
Shares rose 6% to 169p.