Phil Screeton appointed CFO of Poundworld
Discount retailer also sets sales target of £400mn by 2014
By CFOWorld.co.uk staff | CFO UK | Published 11:57, 07 December 12
UK discount retailer Poundworld has named Phil Screeton as its new CFO and revealed a sales target of £400 million by 2014.
The retailer announced Screeton's appointment in a statement on Friday. He was previously the CFO of private equity-owned Lowell Group. Prior to Lowell, he held a number of senior finance roles within GE Capital and Kingfisher group.
Screeton will join Poundworld on 17 December. Announcing the move, Poundworld founder and chief executive Chris Edwards said, "Phil brings with him a wealth of experience and knowledge that will help the existing board of directors to continue the success we have already achieved."
The company's turnover to March 2012 came in at £206.5 million. Edwards said with Screeton on-board, Poundworld hoped to build on its growth.
"Our store opening plan turnover this year will be in excess of £300 million with a projected EBITDA figure of £11 million (versus £8.6 million for the year end 2012). Our forecast to March 2014 will see a continued new store roll out plan which pushes the turnover close to £400 million and we recognise the need to further strengthen our core finance function," Edwards said.
Poundworld will also trial its convenience store format branded Poundworld Express over 2013. The discount retailer, founded by Edwards in 1974, operates over 200 stores across the UK.
Its revenue in the year to 31 March this year, rose from £132.9 million in 2011 to £206.5 million although pre-tax profit dipped from £3.9 million to £2.8 million.
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