Insider Media Limited

Photography retailer Jessops has launched its fourth UK 'centre of excellence'. The Leicester-based company unveiled the expansion following its return to the red with its year-end profits, which soared to £111m.

Jessops Group posted the profit growth for the year to 2 January 2011, after recording a loss of £48m for the 15 months to 3 January 2010.

Jessops said the increase in profit was down to "a one-off reversal of inter-company impairments" which was granted. This totaled £125.5m.

Before this item was added onto the financial accounts, the company posted an operating loss of £2.7m.

The company has now opened the latest in a line of 'centres for excellence' on London's Oxford Road. It follows sites in Edinburgh, Manchester and Birmingham.

The 2,000 sq ft London store allows customers to test and trial cameras, camcorders, accessories and Jessops photo products.

Trevor Moore, chief executive at Jessops UK, said: "Our brand new Oxford Street, London Centre of Excellence store will provide the next level of interactivity, not only can customers touch and feel the cameras, we can now demonstrate the key new features and compare the performance of comparative cameras."

The expansion comes after the company posted the huge profit lift earlier this year. Over the year, the company continued its 'Black' store refurbishment programme with 25 stores subject to a revamp. Profits in these stores soared 20 per cent, said Jessops.

Total online sales grew 94 per cent over the period, said the company.

After the year end, Jessops upped its committed loan facility by £8m to £28m.