Footwear chain Russell & Bromley has posted pre-tax profit of £20.9m in the year to 31 December 2011, up from £19.04m the previous year.

The retailer reported a 5.6% rise in turnover from £95m to £101m over the period. Operating costs rose by 8.3% while buying costs, including currency fluctuations, rose by 9.3%.

Russell & Bromley had settled on a strategy to minimise costs in all parts of the business and to focus on “quality product and excellent customer service” throughout the year.

Russell & Bromley said its positive results came during a time of “economic uncertainty” and was attributed to the “hard work” of its shop and head office staff.

It added that it remained cautious about the ongoing outlook but that it would open further shops “where opportunities arise and where shop rents demanded are not uneconomical”.

“With the prevailing and future economic environment uncertain, it is difficult to forecast future performance, but with the strong financial position of the company and the expertise and dedication of management and staff we look forward to the future with confidence.”