Value retailer Poundland has unveiled a 122 per cent rise in operating profit, from £3.5 million to £8 million for the year to March 31.

The retailer also said that it had generated strong like-for-like sales in all four quarters of its 2007 financial year and opened 14 new stores.

Chief executive Jim McCarthy said: “We are perfectly positioned to take advantage of customers' flight to value. Recently we have seen a 20 per cent year-on-year increase in the number of AB shoppers. We will continue to grow our store estate significantly during 2008/09.”

Poundland has close to 200 stores in the UK and plans to open a further 10 before Christmas.