Poundland executives have elected to receive no bonus despite a year of double-digit sales growth and a Landmark IPO.

The newly listed discounter’s annual report for the year to 30 March 2014 revealed: “Despite the financial success, the executive directors, together with the remainder of the executive team, indicated that for this year they did not wish to be considered for a bonus, and agreed to spread the bonus pool more widely.”

Poundland execs did receive share awards on the completion of the company’s IPO. CEO Jim McCarthy was awarded shares worth £825,000 on top of his £482,000 pay packet for last financial year. CFO Nick Hateley and trading and marketing director Richard Lancaster were awarded shares worth £507,813 each. Vesting is determined by performance over the next three years.

The company’s remuneration policy, introduced as part the IPO, will see McCarthy earn a maximum of £1.63m next year (including his £440k base salary) if every performance target is hit.

Poundland grew sales for the year to March 2014 by 13.3% to £998m and underlying EBITDA rose by 18.9%.

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