Home Bargains owner TJ Morris has increased turnover to almost £1.9bn, while the family-owned retailers profits have risen by a quarter.

The company has reported a turnover of £1.87bn for the year ending 30 June 2017, which is 17% higher than a year earlier. Pre-tax profits increased by 23% to £168.2m over the same period.

As of 30 June 2017, TJ Morris had 448 retail outlets with plans to increase this to approximately 500 in the current financial year.

"The company achieved an increase in turnover from £1.6bn to £1.87bn, an increase of £266m or 17%,” said the directors. “This was achieved by the opening of additional retail outlets, shop re-sites and an increased contribution from existing stores."

The accounts also show that TJ Morris had an average headcount of 18,048 staff during the year, up from 15,853 a year ago.