Turnover has topped £128m at historic stationer Ryman, with company chairman and former Dragons’ Den investor Theo Paphitis revealing that strong online growth compensated for a dip in like-for-like store sales.

Ryman has notched up a turnover of £128.2m for the year ending 1 April 2017 according to its latest set of accounts, up by 0.5 per cent on a year earlier. Pre-tax profits increased by 2.6 per cent to £8.3m while EBITDA climbed by 3.1 per cent to £9.9m over the same period.

The Crewe-based company’s average headcount fell to 1,393 members of staff in 2016/17, down from 1,416 in the prior year. The CEO is another UK cypriot Kypros Kyprianou

In a strategic report accompanying the accounts, Paphitis said: “I am pleased to report another satisfactory year of trading for the Ryman business. Turnover at £128.2m was slightly up, delivering an EBITDA of £9.9m from £9.6m in the previous year.

“Ryman operates 210 stores nationwide, as well as an online and B2B business. Strong growth delivered online of 24.8 per cent compensated for a small decline in like-for-like store sales, as well as sales lost due to selective store closures at the expiry of their leases. Investment has continued in developing a multichannel proposition, which enables our customers to purchase in a way that suits them most.”

“Our click-and-collect proposition has proved popular because of the convenience of our store locations. The Ryman stores have also been utilised by other group brands as an option for their own click-and-collect propositions.”

Ryman is part of Theo Paphitis Retail Group (TPRG) alongside Robert Dyas and Boux Avenue.

TPRG has just posted positive like-for-like sales for the Christmas 2017 trading period covering the six weeks to 24 December. The group reported growth of 1.7 per cent, with Ryman up by 4.8 per cent, Robert Dyas climbing by 2 per cent and Boux Avenue falling by 2.8 per cent.

Paphitis said: “As anticipated and reported, the Christmas trading period as has been the case for most of this year was ‘hard work’ for many retailers. In all my years I have never seen it so hard and unforgiving where the shopper will punish you if you take your eye off the ball.

“I am therefore very pleased that we were able to deliver growth as a group.”

Ryman was founded by Henry Ryman in 1893.