Store acquisitions send Ryman profits rising

Like-for-like sales in the period rose “marginally”, while pre-tax profits rose from £4.2m to £5.7m.

The retailer, owned by Dragons’ Den star Theo Paphitis, said trading in the year to date is above last year and ahead of expectations.

Chief executive Kypros Kyprianou said: “This year, to date, we are pleased to be comfortably ahead of last year and our expectations. Christmas 2009 was much better for us than 2008 was.”

Kyprianou said online sales have more than doubled year on year, and Ryman plans to relaunch its website in the next few months, which will enable Ryman to “build the business further, providing a true multichannel offering to our existing customer base as well as enabling us to build a larger B2B business”.

The figures account for the first full year of trading for Ryman following the consolidation of the Partners and Stationery Box businesses. The 140 shops have all been converted to the Ryman format.

The retailer also opened five new stores in the period and a further three so far in the current financial year, taking its total store count to 239.

Kyprianou added: “This year has seen us reap the benefits of the consolidation and investment in the rebranding, people and systems of the business. We have concentrated on our existing business following the consolidation and are now looking at new opportunities again.”

Chairman Paphitis said the year was “arguably the most challenging trading and economic environment for a generation”, but that the business benefited as it continued to “invest in the medium- and long-term future of the business”, including a new IT infrastructure and strengthened management team.

He added: “This is a solid foundation to build on for the second half of the year and the future of the company.”