Poundland, the UK-based single price value retailer, said today (13 October) more consumers were looking for value as it reported a 26% increase in annual sales.

Turnover was GBP642m (US$1.01bn), up 25.8% in the year to 27 March, Poundland said. The retailer, which was acquired by private-equity firm Warburg Pincus in 2010, opened 64 new stores during the year, taking the total to 327.

The company’s underlying EBITDA was GBP31.7m for the financial year, up 34% on the same period last year, despite “turbulent economic conditions”. Poundland did not disclose its net profit.

Chief executive Jim McCarthy said: “It is clear that the challenging economic climate is set to continue for some time yet and that an increasing number of consumers will continue to seek exceptional value for money.

“Poundland is perfectly positioned to serve the needs of consumers who place value for money at the heart of their purchasing decisions.”

In August, Poundland announced its expansion into Europe with the opening of six “Dealz” stores in the Republic of Ireland.