Poundland thrives in the downturn

Poundland, Europe’s biggest single price discount retailer, has posted a record year of sales and profit as it continues to prosper in the economic downturn.

The firm, which trades from 360 UK stores, said underlying earnings before interest, tax, depreciation and amortisation rose 34 per cent to £31.7 million in the year to 27 March. Turnover, excluding VAT, rose 25.8 per cent to £642m.