YORK shoe retailer Pavers has reported increasing revenues and profits as it looks towards future growth.

The family run firm, based at Northminster Business Park, paid out a £1 million dividend after seeing sales rise to £70.7 million in the year ending February 1, 2014, up from £65.6 million the previous year.

With pre-tax profits rising from £7 million to £8.1 million the business has come a long way since it was founded in 1971 with a £300 bank loan.

Reporting its results, the Pavers board of directors said: "The economic climate in both the UK and Abroad continues to effect trade and presents us with uncertainties; however despite this we have increased profits and are pleased with the results for the year.

"This has been achieved as a result of the prudence and hard work by all our employees."

The firm, which employs more than 1,000 staff, opened 25 new outlets during the year, up from five the previous year, and acquired 14 stores in December from the administrators of Barretts Trading in a move which safeguarded 150 jobs.

The board said: "We continue to look for opportunities to expand and improve the business.

"The company is therefore well placed for future growth, both through improved performance of existing units, new openings and development of new market areas.

"The director's policy remains to continue a programme of store openings as and when appropriate locations are identified.

"The risks and uncertainties faced by the company are those typical to the retail industry. The directors consider the principal risks and uncertainties to be competition from other retailers, rising costs, maintaining the brand and the retention of key staff."

Last month, Pavers announced plans to invest £10 million in India to support an expansion from 35 to 100 stores as it looks to take advantage of booming growth and increasing spending power in the country.

The move follows Pavers becoming the first foreign, single-brand retailer to be allowed to set up wholly-owned stores in India in 2012.

Pavers, which is listed on Europe’s Forum 500 list of the UK’s fast-growing and most-profitable retailers, started selling its shoes in India in April 2008. It set up a joint venture called Pavers England with London-based Indian entrepreneur Ravi Mehotra’s billion-dollar Foresight Group.

Pavers England put a multi-million-pound investment proposal to the Indian government. The proposal was approved in November 2012 after six months’ deliberation.