Aldi has announced a soar in profits after competitive prices attracted customers to the discounted supermarket.

Profit before tax for 2013 has risen 65.2% from £157.9m in 2012 to £271.4m.

The group has pinpointed its low prices and ‘best value’ as the reasons for the double-digit growth.

During 2013, Aldi grew its market share from 3.1% to 4% and currently has a record market share of 4.8% [Kantar Worldpanel, 12 weeks ending 20/01/2013, 05/01/2014 and 14/09/2014].

Roman Heini, group managing director of Aldi UK, said: “We keep prices constantly low while keeping product quality consistently high, which is exactly what shoppers want. They had become used to thinking you have to pay more for better products. We’ve shown them this doesn’t have to be the case.

“We work efficiently and responsibly to reduce operational costs. Rather than use these savings to boost margins, we lower prices at the checkout. Shoppers appreciate this and know that, while they’re paying less at Aldi, they’re getting much more for their money.”

The store has outlined some key practices which make it so efficient, such as shelf-ready packaging, which allows products to be displayed in-store in the packaging used during delivery, and a packing area that reduces queuing at checkouts for shoppers and cuts staff on tills.

Matthew Barnes, group managing director of Aldi, said: “Through these efficiencies, we can effectively focus on what truly matters to our shoppers: fresh, local, quality products. Over half of our range is made in Britain, 100% of our core range of fresh meats is British and fresh bakery goods are delivered to store daily.

“We offer this to shoppers at affordable prices while working closely with suppliers to ensure everyone gets a fair deal. Aldi efficiencies are subtle, but the difference they make is massive.”

Aldi is planning a nationwide expansion programme. During 2013, it opened 42 new stores and plans to open 54 new stores in 2014, as well as another 60-65 new stores planned to open next year.

This will take total UK store numbers to more than 600, putting Aldi on course to have 1,000 stores by 2022.