Record sales for UK electronic firm

UK electronics retailer Maplin has said it will open another 13 stores this year after annual sales and profits figures reached record levels.

The Barnsley-based group, which has 83 outlets in the UK and Ireland, continued its recent rapid growth with a 13.3% leap in sales last year, compared to the previous year.

The group siad that pre-tax profits were £17.9m (€27.12m) - a rise of 40% on last year - while total sales were 30% higher at £99.2m (€150.3m).

Maplin has grown rapidly since a £42m (€63.6m) management buyout in 2001 led by managing director Graham Caldwell and Keith Pacey, the latter who is now chairman.

Sales growth was seen across all product categories last year, with hobbies and electronics up 25%, sounds and vision ahead 36% and computers and components showing growth of 33% over 2002.

Mail order and internet volumes also reached record levels.