Carpet retailer Carpetright today outlined plans to bolster its presence in smaller towns as it posted a 33% rise in annual profits.

The Rainham, Essex-based group said the small store format - which it has been developing this year - allowed it to trade in areas previously dominated by independent stores.

Despite difficult trading conditions, Carpetright said it had been an "encouraging" year and was well placed to grow market share, sales and profits.

Carpetright, which employs some 3,000 staff at its 364 stores and 38 concessions in the UK and Ireland, saw pre-tax profits rise to £67.1 million in the year to May 1.

This included record results from its UK and Ireland operation, where operating profits increased by 14.1% to £64.8 million.

Many of Carpetright's new openings during the year were in its new small store format in towns. The group said it was now searching for 80 to 100 additional sites over the next three to five years.

Although laminate and vinyl was a growing part of the flooring market, the group said carpet still made up the majority of sales.

Tuesday June 29, 2004