German discounter Aldi saw profits soar last year in its UK and Irish business as the supermarket continues its ambitious phase of expansion. Accounts filed with the UK companies office show Aldi’s business in the UK and Ireland made operating profits of £291m (€321m) last year, which was up almost 50% on the previous year.

Operating profit margins in Aldi’s UK and Ireland business widened from 1.7% in 2018 to a healthier 2.4% last year. Pre-tax profits for Aldi’s UK and Ireland business were also up 50% last year to £271.5m (€300m).

Aldi operates more than 1,000 stores in the UK and Ireland, and employs close to 40,000 people

The surge in profits was driven by continued sales growth for Aldi in both the UK and Ireland as it continues to increase its market share. Overall sales for 2019 stood at £12.3bn (€13.5bn), which was up 8% on the previous year.

Aldi operates more than 1,000 stores in the UK and Ireland, and employs close to 40,000 people. The accounts show that Aldi invested £485m (€535m) in property acquisitions and new store openings last year. This continued investment in store expansion saw net debt in Aldi’s UK and Ireland business increase to £651m (€718m) by the end of last year.

At year-end 2019, Aldi valued its entire network of property and stores in the UK and Ireland at just over £3.7bn (€4.1bn).

Aldi holds a near 13% share of the €10bn grocery market in Ireland, making it the fifth largest retailer here.

In the UK, Aldi is also the fifth largest supermarket with an 8% share of the UK’s £190bn (€210bn) grocery market.