Full-year profits at GT News continue to rise as the CTN retailer ploughs ahead with its store reorganisation programme.
Pre-tax profits were up 8.4% to £411,033 in the year to 30 June 2012, on sales down 1.8% to £28.1m, the company said. Like-for-like sales rose 2.4%. It closed two stores and relocated one other during the period.
MD Mark Titterton said the company had continued to remodel its estate towards convenience stores rather than CTNs. A strong promotional strategy had also boosted sales in a challenging retail environment.
“The accounts show that once again we had a positive year,” Titterton said. “We are extremely pleased at the progress that has been made.”