Iceland Foods Group has reported its fifth successive year of sales and profits growth since chief executive Malcolm Walker returned to the helm.

Sales increased by 10.4% to £2.3bn in the year to 26 March, ebitda increased by 11.2% to £184.2m and profits before tax and amortisation were up 19.4% to £135.4m.

The retailer also paid down its net debt from £85.4m to £7.6m in the course of the year.

The chain grew by opening 74 stores in the year, including 51 new stores on former Woolworths sites.

“This is the fifth year of strong growth my colleagues and I have delivered since we returned to manage the business in February 2005 and yet another record result for Iceland,” Walker said.

“The key to our success remains simple: offering customers the best everyday value in frozen foods and for their daily purchases of grocery and chilled foods.”

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