Value retailer Mackays, which trades as M&Co, has suffered a fall in operating profits before amortisation and goodwill from £9.8m to £8.6m in the year to February 20.

The privately-owned retailer said the figures are satisfactory in light of difficult trading conditions following the poor weather in the spring and summer last year and the worsening economic climate in the autumn and winter.

The Paisley-based retailer has, however, benefitted from customers trading down to notch up a 6% like-for-like rise in the 23 weeks since the year end.

For the full year to February 20, turnover was £162.7m, excluding VAT and EBITDA was £19.8m.

The retailer, which began rebranding as M&Co in 2006, opened four stores during the year. It now operates from 287 shops in the UK. It has acquired eight more stores in the current year and anticipates opening more over the next few months.