CTN retailer GT News has moved back into the black.

The company made pre-tax profits of £18,271 for the year to 30 June, against a loss of £75,832 the year before, according to accounts filed at Companies House this week.

Sales dropped 5.5% to £30.6m, which the company said was due to the sale of eight stores. It had exceeded expectations for the year and its ongoing five-year reorganisation plan was ahead of schedule, the directors said.

The company accelerated its loan repayments by £200,000 and purchased freehold property during the year.