Liverpool-based bargain retailer Matalan said its revenue rose 3.8% to £1.1 billion for the 52 weeks to February 23 and pre-tax profits soared 50% to £30.1 million.

Matalan CEO Jason Hargreave said: “The business has performed very well this year, outperforming the market in what remains a tough retail climate.

“In uncertain times, we are well positioned in offering the great design, quality and value that appeals to savvy customers.

“A very strong underlying sales, margin, and cost management performance has enabled us to absorb a £39m currency headwind …

“We expect market conditions to continue to be very challenging, and so remain cautious for the year ahead …”