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| Poundland reports rise in profits | Poundland reports rise in profits |
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| Budget retailer Poundland has reported a rise in annual profits, but says the first half of the current financial year will be "relatively subdued". | Budget retailer Poundland has reported a rise in annual profits, but says the first half of the current financial year will be "relatively subdued". |
| Statutory pre-tax profits jumped 68.3% to £36.2m in the year to 29 March, with sales up 11.9% to £1.12bn, the first time they have broken the £1bn barrier. | Statutory pre-tax profits jumped 68.3% to £36.2m in the year to 29 March, with sales up 11.9% to £1.12bn, the first time they have broken the £1bn barrier. |
| Poundland's proposed purchase of rival chain 99p Stores is being investigated by competition authorities. | Poundland's proposed purchase of rival chain 99p Stores is being investigated by competition authorities. |
| The retailer said it expected a decision on the deal in October. | |
| Expansion plans | |
| The first half of the last financial year was "an exceptional period" with factors such as the one-off "loom band" craze, Poundland said. | |
| "This means that we expect the seasonally less important first half of the current financial year to be relatively subdued." | |
| Shares in Poundland fell 3.6% to 300p in early trade. | |
| Underlying profits, which strip out one-off costs, for the year to 29 March rose 18.6% to £43.7m. The bigger rise in statutory profits was mainly due to last year's figure being hit by costs relating to its stock market flotation. | |
| By the end of March Poundland had 588 stores in the UK and Ireland, and the retailer said it expected to open at least 60 net new stores in the UK and Ireland in the current financial year. | |
| It also expects to have 10 stores open in Spain - where it trades under the Dealz brand - by the end of the first half of the year. | |
| The company said it had been "surprised and disappointed" that the Competition and Markets Authority (CMA) had not allow 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 23 October, the retailer said, adding that its integration planning is "well advanced". |