Poundland posts jump in profit as it looks to expand

Poundland said its profits have jumped by a third as it continues to attract value-conscious-shoppers and adds new stores to its estate.

Poundland has long-term plans for 1,000 outlets across the UK and Ireland. Credit: Danny Lawson/PA

The West Midlands-based retailer, which has 556 stores in the UK and Ireland, opened its first outlets in Spain, called Dealz, in July and plans to have 10 over the next two years.

It added a net figure of 28 new stores in the UK and Ireland over the last six months and has long-term plans for 1,000 outlets, adding that it expects "to see many years of future growth."

The company's half-year results beat expectations today as total sales jumped 15% to £528.2 million, with like-for-like sales up 4.7% in the 26 weeks to September 28.

Underlying pre-tax profits jumped 34.2% to £12.6 million.