Shoe Zone posted a leap in profits today as the retail chain - whose products sell for under £10 on average - continues to enjoy a decent start to life as a stock market company.

The Leicester-based firm, which has 554 stores in the UK and Ireland and employs 4,100 staff, saw pre-tax profits hit £2.7 million in the six months to April 4, up from £200,000 a year earlier.

It continues to grow after it added three new stores since October, refitted a further 19 shops and launched on Amazon.

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The company, which was founded by brothers Michael and Christopher Smith in 1980, joined the stock market in May at 160p a share and now stands at 176.5p, giving it a valuation of £88.4 million.