Card Factory has seen full-year profits soar as market share continued to grow.

In the 12 months to January 31st, pre-tax profit hit £83.7 million, up from £42.7 million in the previous year. This was driven by an expanded store portfolio and online sales channels, which grew market share. Improvements in the quality and range of products also helped this.

Richard Hayes, Card Factory’s chief executive who is to step down this month, said: "This has been another excellent year for Card Factory. We have continued to expand our store portfolio and grow our market share, and our complementary online sales channels are progressing very well.

"We have maintained our industry-leading margins and believe that we are better placed than most to manage the increased cost pressures that our sector is facing.”