99p Stores has posted bumper sales and profits on the back of a huge store opening programme last year.

Pre-tax profits at the variety discounter soared 435% to £1.8m on sales up 63% to £183.5m in the year to 31 January, according to accounts posted at Companies House.

The company's fortunes had been boosted by the collapse of Woolworths, which allowed the retailer to open stores in former Woolies, directors Hussein and Faisal Lalani said. It opened 54 new stores during the period and since January has opened a further four, giving it an estate of 130 stores.

A new HQ and RDC would allow further expansion, the directors added. "Plans are in place to move to a new head office and warehouse at Pineham, Northampton. This investment in 372,000 sq ft of warehouse space will prove a significant step-change in infrastructure, giving us the capability to service up to 400 stores in the future."

Earlier this year, 99p Stores laid out plans for 80 new stores this year, creating 2,500 jobs. Meanwhile, it is planning to further cash in on Woolworths' demise by launching a pick 'n' mix offer, which would "fill the gap in the market" that Woolworths left.

Grocery items have also increased from 30% to 40% of total sales.