UK-based discount retailer Poundland has said it is finalising plans to take its Dealz banner, launched in Ireland in 2011, into more markets in Europe.

Poundland is “in the final stages” of plans “to take Dealz into new European markets”, it said yesterday (1 October) as it reported its annual results. When contacted bu just-food, the retailer declined to comment on which markets would be next

The company has 26 Dealz stores in Ireland, where it sells products for EUR1.49. Poundland CEO Jim McCarthy said Dealz in Ireland was a “profitable operation” and more stores were planned in the country.

He added: “This is a clear demonstration that we have the capability to generate positive financial returns in new geographies quickly and underlines the potential in the business for further international growth.”

In the year to the end of March, Poundland booked higher profits on the back of higher sales. Profit was up 59.1% at just under GBP17m. Operating profit climbed 13.7% to GBP35.3m.

Total sales were up 15% at GBP880m. Poundland said it had opened a net 69 stores under its namesake and Dealz banners. McCarthy said Poundland’s “appeal” was “broadening across all socio-economic groups”.

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He said the new financial year had “started well” and added: “We are trading ahead of our expectations.”

There has been speculation Poundland, majority-owned by private-equity firm Warburg Pincus, could float on the London stock exchange. However, the retailer refused to be drawn on the talk.