A "transformational" year for discount retailer Poundland saw sales nudged closer to the £1 billion mark following its flotation earlier this year.

Announcing its first full-year results since the listing, the Willenhall-based company said today that turnover had risen to £997.8 million (2013: £880.5 million) in the year to March 30, 2014.

Operating profit fell slightly to £27.7 million (2013: £30 million) while pre-tax levels also fell to £21.4 million (2013: £26.4 million).

Both of these were after non-underlying items, impacted mainly by a £9.95 million fee related to its listing and £2.98 million connected to renegotiation of its debt facility.

In a separate announcement, Poundland said it had made a positive start to the 2014/15 financial year with sales up to £262.6 million (2013: £222.6 million) in the quarter to June 29, 2014.

During the year, it opened net 70 new stores, growing its estate to 528, and announced a Spanish trial of Dealz with a plan to open an initial 10 stores over two-year period, the first of which opened this week.

A new 350,000 sq ft warehouse is also due to open in Harlow in August.

Chairman Andrew Higginson said today: "These results show we are continuing to build on our strong growth record, as set out at the time of the IPO.

"I expect that Poundland will continue to benefit from its strong trading platform, its universal appeal and the structural change in consumers' shopping behaviour."

Chief executive Jim McCarthy added: "This was a transformational year for Poundland culminating in our successful IPO in March.

"I am pleased to report that in our maiden set of results we have delivered excellent growth in sales, as well as in underlying EBITDA and EPS, whilst generating strong cash flow.

"In addition to strong trading in the UK, the next leg of our international expansion is now underway with the opening yesterday of our first Spanish store in Torremolinos."

Poundland opened its first store in Burton-on-Trent in 1990 and founder Steve Smith netted £50 million after selling his stake more than a decade ago.

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