Bookstore chain Borders UK, which has a shop in Magdalen Street, Oxford, cut its losses by over £3m and is well on the route to profitability, according to managing director Phil Downer.
Turnover increased from £109m to £131m and pre-tax losses decreased from £4.6m to £1.5m.
Mr Downer said: "This is a sign of the Borders superstore business maturing.
"As we open more and more Borders superstores we consolidate our position."
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