Poundland reports record year

Poundland, Europe's biggest single price discount retailer, posted a record year of sales and profit as it continued to prosper in the economic downturn. The firm, which trades from over 360 UK stores, said yesterday underlying earnings before interest, tax, depreciation and amortisation increased 34 per cent to £31.7m in the year to 27 March. Turnover, net of VAT, rose 25.8 per cent to £642m. The firm is targeting over 50 new store openings in 2011-12. So far 29 have opened. Acquired by Warburg Pincus last year for about £200m from fellow private equity company Advent International, Poundland sells from a range of 3,000 products, including 1,000 branded goods.