PRIVATELY owned Kast Retail, which runs the Quiz clothing chain, has seen a sharp rise in annual profits.

The Glasgow company, which sells ladies fashion, footwear and accessories, said it had opened additional stores during the year which had helped to improve sales.

Annual accounts filed at Companies House show turnover rising 7.5 per cent from £38.6 million to £41.5m in the 12 months to March 31, 2014.

That helped push pre-tax profits up almost 80 per cent from £447,297 to £804,512.

Kast said that it had benefited from an improved product range during the period.

Writing in the accounts the directors, including managing director and majority owner Tarak Ramzan, said: "The company has been achieving satisfactory trading resulting in gradual increase in turnover."

UK store numbers were said to have increased during the year from 61 to 64 with further openings in the pipeline.

The directors said: "The company is well prepared to avail opportunities to open further outlets at suitable locations."

According to the directors they expect turnover in the 12 months to March this year to be around £47m.

They said: "The financial position of the company and the financial results support its ongoing planning for expansion.

"During the current year the company has planned to increase the number of outlets by five."

The directors, who also include Omar Aziz, Sheraz Ramzan and Khalid Ramzan, were confident in the plans to expand in spite of the trading conditions on the high street.

They said: The company is aware that the current difficult economic environment with decrease in footfall due to customer confidence, employment terms and conditions and lower personal income.

"However the turnover is expected not to result in lower revenue than planned. Another factor to be borne in mind is that level of expansion may require updating the current management structure, knowledge and techniques."

The company's balance sheet for the most recent financial year shows stocks valued at £1.88m, up from £1.76m.

Capital spending was down from £1.6m to £1.1m while net debt was trimmed from £1.9m to £1.3m.

Average staff numbers were down from 629 to 612 as a result of a drop in shop staff from 563 to 545.

Payroll costs increased from £6.5m to more than £6.6m.

Directors' remuneration increased from £126,305 to £170,891.

In the accounts the directors said: "The management is well experienced and have unique ideas to achieve desired financial results. It is committed to remain engaged in researching, updating, sourcing new products, marketing techniques and controlling the costs.

"The management set targets that demand high quality of competitiveness which lead to achieving a bigger share of the market."

The accounts note that the company acquired premises related to its expected expansion after the financial year end.

It says that will allow it to have larger warehousing space and also a more efficient goods moving system.

Tarak Ramzan built up the family company, founded in 1965 and called Tarak Manufacturing, in the 1980s after he left university to help out in the running of the factory.

From being a small supplier, it eventually made clothes for high street retailers, including the likes of Burton.

When cheaper manufacturing options in the Far East began to eat into that business, Mr Ramzan then started the Quiz fashion chain in 1995 and expanded it quickly by opening further outlets in the UK and abroad.

In March 2009 the Quiz clothing chain collapsed into administration but Tarak Ramzan and his family bought the vast bulk of it back immediately in a pre-pack deal.

The company also has a number of overseas concessions and outlets.