Footwear retailer Shoe Zone has said that profits in its first year as a listed company almost doubled and added that the board “continues to see significant opportunities” ahead.

In the year ended October 4th, the company said that revenue declined by10.8% as expected due to the closure of a number of temporary stores.

After reflecting exceptional costs of £0.9 million, primarily relating to the IPO, Group profit before tax was up 106% to £10.5 million, up from £5.1 million in 2013. Chief executive Anthony Smith called this a “solid” performance.

In a statement, Anthony Smith, chief executive of Shoe Zone plc, said: “I am delighted to report our first full year results as a public company and am very pleased with our strong financial performance. We have delivered a year of solid profit growth and are continuing to deliver on our self-help strategies outlined at IPO.

"Despite the well documented warm start to the Autumn/Winter season we believe that 2015 will be a further year of growth for the group. The board continues to see significant opportunities ahead and remains confident that the business will perform in line with market expectations."