Discount chain Poundland is on track to hit a half-a-billion pound turnover by March next year – the biggest in its history.

Chief executive Jim McCarthy also told how thousands of jobs are in line to be created as the firm expands at a rapid rate.

One new store is opening every week and 600 future sites have been identified in the UK.

Mr McCarthy said he also plans to open the firm’s first distribution centre outside the West Midlands in the south of England and could launch a version of Poundland overseas.

To cope with the expected demand, plans have been lodged to allow an extra 10 goods vehicles and 65 trailers at the operation centre at Verson Park, Wellmans Road, Willenhall.

The company also wants 15 extra goods vehicles and 65 trailers at its operation centre in Springvale Business Park, Springvale Way, Bilston. Dozens of jobs will also be created at both sites over the next few years.

Mr McCarthy said: “The turnover is on track to be half a billion by March 30 next year and in five years time we expect that to be well over the one billion mark. We aim to open 250 new stores over the next five years which will mean around 7,500 new jobs.”