Budget variety retailer Tiger enjoyed a record 2012 as pre-tax profits rocketed 101% to £1.6m in the year as the retailer expanded its store base.

The retailer, which is 50% owned by Danish retailer Tiger Denmark and 50% owned by its UK management, recorded a 57% surge in group turnover to £14.7m.

Tiger opened five new stores last year, bringing the total number in the UK to 18. It is planning to open a further four stores in the spring.

UK managing director Philip Bier said: “The increased profits and turnover that Tiger have experienced in 2012 are satisfactory. Profits of over £1.5m means we are now officially a medium sized business.”

Tiger said that despite many UK retailers enjoying strong growth online it believes there is still strong potential for retailers on UK high streets and shopping centres to achieve growth in bricks and mortar retail.

Bier added: “Tiger will be continuing to expand throughout 2013, with new stores opening in affluent and fashionable high streets and shopping centres throughout London and the South East. “