A Lancashire-based online shopping firm is targeting a revenue of £1bn after its pre-tax profits surged by more than 500% during its latest financial year.
Accrington-headquartered Studio Retail Group has reported profits of £41.7m for the 12 months to March 26, 2021, up from the £6.8m it posted in the prior period.
The group, which was formerly called Findel, has also achieved a revenue of £578.6m, up 33% from £434.9m.
On an adjusted basis, the group's pre-tax profits from continuing operations increased 79% from £27.3m to £48.8m.
The results come after the group successfully completed with the sale of Findel Education for £30m in April.
In a statement to the London Stock Exchange, Studio Retail Group added that the first quarter of its new financial year saw its product sales in line with the same period at the start of the pandemic in 2020, an increase of 51% on the first quarter of its prior year.
Its financial services revenue was up 15% in the first quarter, although the group added that this is "expected to moderate later in the year".
It added that it anticipates its group adjusted pre-tax profits for the 12 months to March 25, 2020, will be between £42m and £45m.
Group chief executive Paul Kendrick said: "The Covid-19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business.
"The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers.
"The success of the last year could not have been achieved without the commitment and hard work of all our colleagues and I am proud of how they have strived through the year to deliver for our customers.
"With the strong performance last year, and having sold the Findel Education business, Studio is in a stronger financial position and is now focused on pushing forward with a well-defined purpose that delivers great value, affordable products for our customers.
"The business has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers.
"All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders."
