Low-cost retailer Poundland has reported that its annual profits have increased, however the first half of the new financial year will be “relatively subdued”.
Figures show that pre-tax profits increased 68.3% to £36.2 million leading to 29th March and an increase in sales by 11.9% to £1.12 billion, the first time Poundland has broken the £1 billion mark.
Despite increased annual profit, shares in Poundland dropped 3.6% to 300p.
Poundland said that by the end of March they had 588 shops across the UK and Ireland with plans to open a further 60 shops in the financial year, plus 10 shops opening in Spain.
In a statement, the company said it had been "surprised and disappointed" that the Competition and Markets Authority (CMA) had not allowed Poundland's proposed acquisition of 99p Stores to complete after the first phase of the CMA investigation.
The CMA decision on the deal is expected on October 23rd, the retailer said, adding that its integration planning is "well advanced".
