jarroldsStoreDiversified department and furniture store business Jarrold posted strong profits and a huge leap in the value of its investment property portfolio in the year to 1st February.

The Norwich headquartered firm booked pre-tax profits of £3.1m, up 40.1 per cent on the previous year thanks to higher sales, stronger gross margin and a £630,000 one-off pension gain.

Turnover across the privately owned company—which besides retail also operates property and business services divisions—was up 3.1 per cent to £29.4m.

Jarrold’s retail arm includes its a city-centre department store along with its dedicated contemporary furniture showroom trading as The Granary from Norwich’s Bedford Street. It also operates other retail shops, including in the sports sector, and it acquired Cambridge based Hobbs Sport for £429,000 during the period.

The group generated a net £2.9m cash from operations (2014: £3.8m) while year-end net debt was broadly unchanged at £22m. The balance sheet value of the business, however, climbed by close to £10m to £67.3m.

Besides earnings, this was largely the result of a £7.4m positive revaluation of its investment property portfolio, worth £68.9m at its 1st February balance sheet date.