Discounter Netto has reported strong growth in its financial year to the end of December 2007. Recent Nielsen figures show Netto's share of the UK grocery market grew by 11.2% in the first quarter of 2008. Turnover grew by 11% to €875 million. Operating profit increased by 195% to €11.7 million, up from €3.9 million in 2006.

Netto managing director Richard Lancaster said: "The figures speak for themselves – the business made significant progress in 2007 and that trend is set to continue in 2008.”

Lancaster took charge in January 2007 and has made changes including:
• introducing new and wider product ranges
• revamping store interiors
• instigating more discipline in store layouts
• trialling new initiatives such as tobacco

Lancaster stated that the focus now was to “develop the business further via new store openings and strong like-for-like sales growth to drive turnover forward again during 2008." Netto plans to open a minimum of 20 new stores in the next 12 months. It currently has 182 supermarkets across the UK.