POUNDWORLD, which was founded on a Wakefield market stall in 1974 by owner Chris Edwards, has announced underlying profits of £6.2 million for the year to March 31, representing an increase of 31 per cent.

Turnover from the 242-store chain was £345.3m, a rise of 18 per cent as like-for-like sales improved 2.6 per cent.

Since the year end the performance has accelerated with underlying sales up more than 10 per cent in recent months.

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The business has plans to open a further 150 stores in the next three years.