Theo Paphitis, the owner of Ryman the stationer has said he was ‘encouraged’ increased by sales last year, despite a fall in profits at the retailer’s 240 shops in the UK.

Looking back at the financial year ending 31 March 2010, Paphitis said it was probably “the most challenging trading and economic environment for a generation”. He added that despite the tough trading environment, the firm continued to invest in its estate, developing a new IT infrastructure and absorbing the remainder of the Stationery Box business bought from restructuring firm Hilco in 2007 for an undisclosed sum. Rymans also opened five new stores during the financial year and three more since its year end.

“Whilst the trading environment remains challenging, I am pleased that the business is benefitting from the strategic investment in both people and our infrastructure, with performance during the first half of the current year being ahead of both last year and expectations,” he said.