Profits soar at B&M Bargains
Firesource, the owner of discount retailer B&M Bargains, saw pre-tax profits rise 33% to £47.6 million in 2011. Turnover increased by 30% to £713 million.
The group, which operates 271 B&M Bargains stores, said it would continue its store expansion programme having grown its store portfolio from 229 in the year.
There had been improvements in operational efficiency following the purchase of a new warehouse facility and the group had also cut its net debt by £32.9 million to £8.2 million.
In a statement the group said: "During the year under review, trading conditions in the UK retail market were challenging and are likely to remain so for the foreseeable future.
"Despite this background the group delivered a strong financial performance and the group increased its turnover from the existing store estate and has seen continued growth in customer footfall and the number of transactions.
"The directors are confident that the business is well placed to exploit the current market opportunities, albeit on a prudent and cautious basis."
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