The retailer reported that EBITDA increased by over £9m in the 52 weeks to December 31, 2019 to finish at £5.1m for the financial year.

The convenience store group, which has over 1,500 independent stores across the UK, said that this profit growth was driven by a surge in total sales, which rose 10% to £426m.

Costcutter noted that during the period, sales in fresh produce grew at “a faster rate than any other category”.