LONDON (Reuters) – Pepco Group, the Poland-listed owner of British discount retailer Poundland, on Thursday reported a 16.8% increase in core earnings, as revenue growth from new store openings offset the impact of pandemic restrictions.

The group, which also owns the PEPCO and Dealz brands in Europe, trades from more than 3,200 stores across 16 countries and is led by Chief Executive Andy Bond, a former boss of British supermarket group Asda.

It made its stock market debut in Warsaw last month following the biggest initial public offering (IPO) in Poland this year and is trading above its IPO price.

Pepco made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of 324 million euros in its first half to March 31.

Total revenue on a constant currency basis rose 9%, driven by 225 net store openings across all its retail brands and territories.

However, like-for-like sales fell 2.1%, reflecting 15% of the trading weeks being lost to pandemic-related store closures.

All of the group’s stores are trading, although some restrictions remain, placing limitations on customer footfall.

It said underlying trading was in line with full-year guidance provided with the IPO.

“We remain confident about our prospects for continued profitable growth in the balance of the financial year and beyond,” Bond said.

The group’s shares were priced at 40 zlotys at the IPO giving it a valuation of 23 billion zlotys ($6.3 billion)

The stock was trading at over 46 zlotys on Thursday.

(Reporting by James Davey; editing by Barbara Lewis)