Almost all of the chain’s stores have now reopened (Mike Egerton/PA)Poundland owner Pepco registered a sharp drop in profit when the coronavirus outbreak hit, wiping out what could have been a strong start to the financial year. In the first six months of the financial year, pre-tax profit dropped by 16% to 89 million euro (£81 million). But if the cut-off point had only been a month earlier, Pepco’s results could have been very different. In the five months to February, before the pandemic seriously affected its main markets, profit rose nearly 22% to 116 million euro (£105 million). Last year, Pepco’s troubled South African owner, Steinhoff, said it was considering “strategic options” for the discount group, which were understood to include a potential stock market float or sale.

Source: Irish Independent June 23, 2020 07:21 UTC