THE owner of York-based Costcutter has reported a 20 per cent jump in profits.
Retail business Bibby Line Group, the parent company of Dunnington-based Costcutter Supermarkets Group, has reported an increase in revenues for the year ending December 31, 2013, to £806.7 million.
During the year the group completed a deal to buy the MACE franchise from Palmer & Harvey, and post year end it sold its 26 Rhythm & Booze stores to Conviviality Retail, the Crewe-headquartered owner of Bargain Booze.
Sales have jumped by 20 per cent at the retail business of Bibby Line Group, owner of York-headquartered convenience store giant Costcutter.
Total turnover at Bibby Line Group increased to a record £1.59 billion, while operating profit rose from £46.4 million to £69.6 million.
Sir Michael Bibby, managing director of Bibby Line Group, said: "Some exceptional performances helped the group deliver record sales, cash generation and profit during the year, despite challenging conditions in some of our business areas.
"A number of strategic initiatives and operational improvements underway across the business have already begun to pay dividends in the current year, whilst the conditions in our offshore and specialist marine divisions continue to provide a strong tail-wind.
"We therefore expect to see a more balanced contribution across the group in the year ahead, whilst the effects of a broader economic recovery should create further momentum in many of our markets."
Costcutter Supermarkets Group is predominantly a franchise business, with over 2,500 convenience stores throughout the UK.
Founded in 1986, the Group directly employs over 900 people nationwide and has its head office in York and an office in Belfast.