Oak Furniture Land fascia coRising sales and a 350 basis point gross margin improvement helped profits jump 55 per cent at Oak Furniture Land in the year to end September.

JB Global, the company behind the retailer, saw pre-tax profits reach £11m as top line growth continued; up 31.6 per cent to £191.5m.

Oak Furniture Land opened a net 11 stores to finish its financial year with 60 across the UK, with the latest number listed at 62 on the firm’s website.

Post year-end, on Boxing Day, it launched the SofaStore upholstery format online and across its nationwide store portfolio.

Sales helped drive the increase in profits, along with a big improvement in gross margin to 30.3 per cent.

The company generated a net £7.5m cash from operations, though year-end net debt climbed to £9.2m (2013: £2.1m), largely the result of dividends (£6m) and capital expenditure (£5.8m) and tax (£2.3m).

In November, it agreed a new bank loan (see related) from Barclays. JB Global remains wholly owned by founder Jason Bannister.

Related: New £18m loan agreed ahead of SofaStore rollout