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No bonus for Poundland bosses, despite rise in sales and profits

Poundland angled

BOSSES at UK discount retailer Poundland did not receive a bonus for 2015, despite both sales and profits at the company improving last year.

Poundland’s annual report said the bonus payments were “self-funding” and “as such, this year’s underlying profit after tax achievement of £33.95m did not trigger payment of bonuses to colleagues.”

The company’s sales broke through the £1bn barrier for the first time, however.

Chief executive Jim McCarthy’s salary was £448,000, up two per cent from his salary around the time of the London market float in March 2014 of £440,000.

McCarthy, who has held that role since 2006, was previously in charge of Sainsbury’s convenience stores. He also received higher pension benefits in the last year.

Poundland’s chief financial officer, Nick Hateley and Richard Lancaster, its trading director, also did not receive bonuses for the last year. Both netted £331,500, up two per cent from £325,000.

Shares in Poundland closed up 0.31 per cent at 357p.

Its float price was 300p.

Source : Joseph Millis - City AM

14 August 2015

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