Poundworld has confidently predicted it will double sales over the next 12 months - and has appointed a new chief financial officer to handle the growth.

Phil Screeton has joined the UK’s third largest fixed-price discounter after seven years as CFO at private equity-backed Lowell Group.

He previously held senior financial roles at GE Capital bank and the Kingfisher group of companies. He also spent the first eight years of his career working in the retail industry at Comet.

“I am delighted to welcome Phil to the board and look forward to working with him,” said Poundworld founder and CEO Chris Edwards.

“We have achieved tremendous growth over the past few years, with turnover to March 2012 being £206.5m.”

He added that building on the continued growth and its store opening plan, turnover this year would be in excess of £300m, with a projected EBITDA figure of £11m. EBITDA was 8.6m in the year to March 2012.

“Our forecast to March 2014 will see a continued new store rollout plan, which pushes the turnover close to £400m and we recognise the need to further strengthen our core finance function,” Edwards added.

“Phil brings with him a wealth of experience and knowledge that will help the existing board of directors to continue the success we have already achieved.”

In the year to 31 March 2012, Poundworld reported a 28% drop in pre-tax profits from £3.9m to £2.8m. However,sales rose 55% to £206.5m. It now has 200 stores.

Topics