Poundland-owner reports 47% profit surge

Pepco Group, which owns budget retailer Poundland, has reported a 47 per cent increase in profits for the first half of the year.

Profits jumped to €112 million, while underlying EBITA surged 16.8 per cent to €324 million.

The company said that its store extension programme had continued during the period, with 225 shops added, representing 14.1 per cent growth year-on-year.

“We anticipate that the environment in which we operate will remain changeable and challenging in the short term but over time as consumer behaviour returns to more normal patterns, as any Covid related restrictions that impact our customers confidence to shop are further relaxed,” said Andy Bond, chief executive, Pepco Group. “However, as these results show, we have a clear and winning customer offer, a long-term growth strategy delivering stores in existing and exciting new markets, as well as a number of key initiatives to drive our sales and margin.”

Bond added: “As such, we remain confident about our prospects for continued profitable growth in the balance of the financial year and beyond.”

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