Poundland Profit Up 23% As EU Expansion Starts

Discount chain Poundland has seen a 23.5% rise in annual underlying pre-tax profit, as it begins expansion plans in Europe.

In the 12 months until the end of March, profit rose to £36.8m, on a revenue rise of 13% to £997m.

However like-for-like sales were subdued in stores opened more than a year, rising by 1.9%.

The gross margin for sales in stores, where all items are priced at £1 or less, was 37%.

In March, the company received a stock market listing in its initial public offering (IPO).

Chief executive Jim McCarthy said: "This was a transformational year for Poundland culminating in our successful IPO in March.

"I am pleased to report that in our maiden set of results we have delivered excellent growth in sales."

Poundland said it intends to more than double the number of stores it owns.

It currently operates 528 stores in the UK and Ireland and said it intends to have more than 1,000 stores in its long-term plan.

It opened 70 new stores across the group territory in the last year.

On July 2 it launched its first store in Spain, at the resort location of Torremolinos.

The Spanish trial of stores branded as Dealz will see an initial 10 stores opened over a two-year period.

:: CEO Jim McCarthy will be interviewed on Ian King Live, tonight at 6.30pm.

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