Costcutter is to hit the acquisition trail and launch three new fascias in 2012.

The convenience retailer recorded pre-tax profits of £10.3m for the 53 weeks to 30 April 2011, down from £10.6m, in its annual accounts released to Companies House.

Chief executive Nick Ivel said the retailer, recently wholly acquired by Bibby Line Group, is to buy two unnamed retailers imminently.

It is also to relaunch the Kwiksave brand on the high street alongside a new Costcutter fascia early next year. The retailer’s upmarket my Costcutter rebrand will follow soon after.

Turnover at the symbol group rose from £609.5m in 2010 to £632.5m in 2011 while store numbers rose by 30 to 1,566.

Ivel said the retailer has “international ambitions” as the newly created Bibby Retail Services arm looks to increase Costcutter’s presence.

The retailer is also ramping up its TV advertising, online presence and is “on track” to reach a target of £650m in turnover.

Ivel said: “It is a difficult market at the moment but we have had a good year. It has been a year of consolidation and next year will be a period of expansion in the market.”

Costcutter will decide its future buying deal beyond the end of its contract with Nisa Today’s in 2014 in the first six months of 2012.