The company, which currently operates 27 stores across Fife, Perthshire and Kinross, yesterday reported a rise in operating profits to £1.4 million for the 2008 calendar year, compared with £1.1m the year before.

Turnover climbed to £34.6m last year, compared with £28.9m in 2007.

David Sands, chief executive of the eponymous convenience store business, said: “We made great inroads during 2008, in terms of ramping up our store numbers and continuing with our refurbishment programme.

“I have made no secret of the fact that we are committed to growing David Sands by acquiring existing retail outlets and, if the location is the right fit for our business, by building brand new stores.

“Our distribution operation is robust and has the capacity to service around 50 stores so we have the mechanics in place to forge ahead with our aggressive growth strategy.”

Asked about the length of time he expected it would take to get to 50 outlets, Sands added: “I never commit to time – but we have the capacity, and as long as we can do so profitably, we will continue to expand.”

The family-owned business, which can trace its roots back to Kinross in 1812, earlier this year said it planned to invest £2m in opening three stores in 2009.

David Sands last year restructured its senior management team as part of a strategy to fuel future growth and drive the business forward.

Earlier this year it took on Stanley Morrice, former head of defunct delicatessen chain McLeish Brothers, as a non-executive director.

McLeish Brothers, which employed around 170 staff, went into administration in January this year, almost six months after lender HBOS withdrew a £5.5m loan facility.

David Sands said it had opened one new store, at Abbeyview, Dunfermline last year and a number of existing outlets were refurbished.

However, this year, the group opened new outlets at Markinch and Lauder Road, Kirkcaldy.

Its store at Jeanfield Road, Perth was also doubled in size after a major refurbishment and Sands also said there are plans to open three more stores in Perthshire and Fife over the next 12 to 18 months.

This summer, the company established a new central kitchen division in vacant premises above the Kinross store to drive its fast-growing “Food to Go” business, and a new brand – Eat Fresh – has been created for sandwiches, fruit bowls and salads.