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Poundland set to top £1 billion mark

By Burton Mail  |  Posted: July 03, 2014

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A ‘TRANSFORMATIONAL’ year for discount retailer Poundland saw sales nudged closer to the £1 billion mark following its flotation earlier this year .

Announcing its first full-year results since the listing, the company, which started out life in The Octagon shopping centre, said that turnover had risen to £997.8 million in the year to March 30.

Operating profit fell slightly to £27.7 million, while pre-tax levels also fell to £21.4 million.

Chairman Andrew Higginson said today: “These results show we are continuing to build on our strong growth record, as set out at the time of the IPO.

“I expect that Poundland will continue to benefit from its strong trading platform, its universal appeal and the structural change in consumers’ shopping behaviour.”

Chief executive Jim McCarthy added: “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.”

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