Discount chain B&M Bargains enjoyed a spectacular 43% hike in profits last year on sales that increased by 31.5%.
In the year to December 31 2012 the variety retailer opened 53 new stores, bringing the UK total to 324 and boosting sales to £937.2m. Profit for the year was £90.6m.

B&M, the then mainly groceries retailer, was bought in 2005 by brothers Simon and Bobby Arora, who were later joined in the business by third brother Robin. They quickly grew the chain, buying up stores from collapsed retailers such as Focus and Woolworths and also acquired the Glynn Webb and Opus Homewares multiples.

The offer was also significantly changed and now 90% of what the retailer sells is non-food, encompassing DIY, garden and pet products along with electricals, furniture, homewares and camping products.

At the end of last year US private equity firm Clayton, Dubilier & Rice bought a stake in the business and former Tesco chief executive Sir Terry Leahy was brought in as chairman. B&M is now thought to have its sights set on expansion into Europe.

Commenting on the company's annual results, co-managing director Simon Arora said: "The company's growth is testament to the fact that everyone loves a bargain. Our colleagues have delivered another successful year through hard work and great teamwork."