Midlands-based CTN retailer Rippleglen has posted a 24% increase in full-year sales following its purchase of Northcliffe Retail, the CTN arm of Daily Mail and General Trust, in July 2007.

Sales rose from £85.6m to £106.6m in the year to July 2008, the company's first full-year accounts since the acquisition show. Pre-tax profits dropped 67% to £332,000 due to costs relating to the acquisition.

Rippleglen continued to trade profitably and remained extremely cash generative, said chairman Harry Medcalf, adding that he was confident remaining borrowings of £910,000 would be repaid in full and ahead of schedule.

The company has also started selling off "a relatively small number" of former Northcliffe stores that were making a loss or "an inadequate contribution to the business".

Rippleglen was well placed to ride out the recession, added Medcalf.