Bonmarché, the fashion chain aimed at women over 50, has posted a 55% rise in annual profits, more than two years after it was sold out of administration.

The figures represent a remarkable turnaround in fortunes for the Wakefield-based company, after it was sold with the loss of 1,400 jobs at the start of 2012, when its then owner Peacocks fell victim to fierce high street competition.

The retailer, which floated in November 2013, recorded a 4% rise in like-for-like sales compared with last year. Pretax profits were £12.4m for the year to the end of March, compared with £8m last year.

“I am satisfied with the current year’s performance, in a year of contrasts between a strong performance in the first half, supported by good weather, versus a more challenging second half of the year,” the company’s chief executive, Beth Butterwick said.

The company opened 29 new stores and concessions during the year and increased its share of the low-cost clothing market in the UK, it said.

Strong sales in the first six months of the financial year were attributed to good weather, which drove demand for jersey tops, cropped trousers, shorts and swimwear. Milder weather in the autumn, however, led to a drop in demand for warmer clothes, Butterwick said in a report.

“Our customers had less reason than normal to invest in heavier clothing such as knitwear and coats, when the product mix in stores had shifted towards these items,” she said.