Poundland has revealed sales of almost £1bn in its full-year update, which jumped 13.3% to £997.8m, as it plans new store openings.

The single-price point retailer said it delivered “a good underlying profit performance with margin well-managed and costs tightly controlled”  in the year to March 30 and expects them to be in line with market consensus of £27m.

Poundland said it will reveal its full audited results on July 3.

The value retailer said it opened 70 stores in the period, taking the estate to 528 at year end. It plans to open 60 net new stores in the current year in the UK and Ireland and it will open its 10 trial store in Spain over the next two years.

Poundland chief executive  Jim McCarthy said: “Poundland delivers amazing value to our customers every day and millions of them, across the UK and Ireland, are voting with their purses and wallets every week. As a result of this support from our customers, we have achieved another record profit performance across the Group, with our store opening programme on track, underlying profits in line with market consensus and good cash generation.

“Looking ahead, we will continue to manage the business tightly while investing in clear opportunities for future growth. We are confident in making further progress in the new financial year.”