Musgrave Group today announced its eighth year of consecutive profit growth.

The partner to food retailers and foodservice in Ireland, Northern Ireland, Great Britain and Spain released its results for the year ending December 31, 2006.

Turnover rose by 4.5 per cent to €4.6 billion.

A total of €4.1bn was attributed to retail brands and €0.5bn to cash and carry and foodservice.

Profit before tax reached €81.0 million, up 14.2 per cent on previous figures, and net debt was reduced by €139m to €186m.

The compound annual increase in profit before tax stands at 17 per cent.

Musgrave Group chief executive Chris Martin: “In 2006, Musgrave Group achieved its eighth consecutive year of turnover and profit growth, delivered by the group and its partners responding to consumer needs.

“The investment in our brands, together with the approach of our entrepreneurial retail partners working and living in the communities in which they operate is generating sales growth in all our markets. We have had a good start to 2007 and as our brands continue to expand, we expect to see further solid growth in the year ahead.”

Martin added that he expected to see further growth this year.

“The group is focusing on innovation, making further enhancements to the retail brands while reducing costs without compromising quality,” he said.

“The group and its retail partners in Ireland will invest in excess of €180m in new stores and in the development of existing stores and infrastructure to meet anticipated consumer demand…

“Our strategy is to partner with entrepreneurial retailers to ensure we continue to anticipate and meet diverse and changing consumer demands. We will continue to expand our business by adding new stores in our core markets ensuring that convenience, value and fresh local produce is at the heart of everything we do. While we are operating in highly competitive markets we look forward to the coming year with confidence.”

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