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Poundland profits surge as downturn tightens

Poundland is to create 2,000 new jobs and open 50 new stores as it revealed a rise in annual profit.

CITY & CORPORATE

Poundland profits surge as downturn tightens

Poundland is to create 2,000 new jobs and open 50 new stores as it revealed a rise in annual profit.

Operating profit soared 81.5% to £21.5m in the year to 28 March while EBITDA jumped 50% to £30.1m. Turnover climbed 28.7% to £509.8m.

However like-for-like growth slowed to 0.7% compared to 2.1% growth in same time a year earlier.

Commenting on the results, chief executive Jim McCarthy said, "Our latest results show that consumers from all income brackets are savvy enough to shop with us to save money from their shopping budget.We can give customers price certainty and that helps them to budget."With the economic uncertainty continuing, we are seeing many more first time shoppers joining our existing loyal customer base and with this trend set to continue, I remain confident of our prospects for the current financial year."

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