Poundland owner sees revenues rise 23% in H1 

Pepco Group, the owner of Poundland, has welcomed “encouraging” results in its second quarter and first half of trading despite ongoing inflationary pressures in the market. 

Group revenues in H1 rose by 22.8% year-on-year to €2.8bn (£2.5bn), driven by strong Pepco growth of 36.9%.

In addition, like-for-like revenues were up 11.1% in H1, with Q2 revenues up by 8.5%.

Meanwhile, Poundland Group reported 4.9% like-for-like growth in H1 and 5.7% like-for-like growth in Q2.

Over the half-year period, new store openings continued across all the group’s brands, with 166 net new stores added in the first six months.

Looking ahead, the group said it remains on track to deliver full year EBITDA growth in line with the guidance shown in its Q1 update. 

Trevor Masters, CEO of Pepco Group, said: “Pepco has recorded an encouraging second-quarter trading performance against the backdrop of a continuing inflationary environment for both customers and the business. 

“Demand for our products remains strong, and double-digit like-for-like revenue growth demonstrates solid progress for the group. We have continued to deliver against our strategic priorities, including the successful store refit strategy and profitable store expansion programme – our biggest source of value creation.”

He added: “While the consumer environment remains challenging due to inflationary pressures, our strategy of price leadership gives us continued conviction in our ability to win customers and market share, which we have grown in our key markets over the last quarter. We remain confident on meeting our guidance for full-year EBITDA, including our targets for the new store opening programme.  

“I would also like to take this opportunity to formally welcome Neil Galloway to Pepco as the group chief financial officer. His impressive track record and experience makes him a valuable addition to the leadership team as we continue to accelerate and deliver on our proven strategy.”