Home Bargains out to open more stores after profit tops £168m

Liverpool-based T J Morris, which runs nearly 450 Home Bargains stores across the UK, is planning up that number to 500 after increasing its pre-tax profits 22% to £168.2m.

Revenue for the year to June 30 also grew 17% from £1.6bn to nearly £1.9bn thanks to the opening of additional retail outlets during the period, shop re-sites and an increased contribution from existing stores, the company said.

The privately-owned firm launched by Tom Morris in 1980 also saw operating profit grow 23% from £137m to £168m.

The report accompanying the accounts said that it was hoping there would be 500 stores by June, 2018 and is targeting 800 to 1,000 beyond that.

The company currently employs 18,048 staff, up from 15,863 in 2016 and its wage bill has risen to £224m from £194m.

Its directors Tom Morris, and Joe Morris were paid a total of £724,314, down from nearly £2.6m in 2016.