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  1. ITV Report

Poundland posts profits increase

Poundland turnover rises by 22% to £780m. Photo: ITV Central News

Cut-price retailer Poundland has posted a 27% increase in annual profits.

The Willenhall based company opened more than 60 stores last year, as its turnover rose by 22% to £780m.

Chief Executive Jim McCarthy believes the firm's success is due to its size and clear pricing structure.

"If you buy five products, it can only be £5. I think that the certainty and the ability to budget have an appeal," he said.

"If you buy five products, it can only be £5. I think that the certainty and the ability to budget have an appeal"

– Chief Executive Jim McCarthy

The retailer said it had also seen an increase in the number of more "affluent" customers looking to save money in difficult economic times.