Matalan sees earnings rise 10%

DISCOUNT retailer Matalan achieved a 10% rise in earnings last year despite flat sales.

The group, which has its headquarters in Skelmersdale, said earnings before, interest, tax, depreciation and amortisation (EBITDA) rose 10.2% to £91.1m in the year to February 23.

Total revenue came in at £1.12bn, up from £1.11bn. The company said it had a closing cash position of £120.7m, up from £96.2m.

The rise in earnings came from improved margins and revenue growth from online sales. Despite the performance it said it “remains cautious”.

Chief executive Darren Blackhurst said: “In a difficult retail climate we grew our earnings by 10%. Our customer base continues to grow, as does our multichannel capability, leaving us well positioned for the coming 12 months.  
 
“Our focus remains the delivery of outstanding value to our customers through the development of our offer and a tight control of costs and cash given the prevailing economic backdrop. I would like to thank all our colleagues for their continued hard work and effort.”