Musgrave Group has announced record sales and profits for 2004 despite challenging trading conditions.
The company, which includes Budgens and Londis, said, in its annual results released today, that turnover was up 13 per cent at €3.8 billion while pre-tax profits rose 16 per cent to €68.5m.
Hugh Mackeown, group chairman, said: “Musgrave Group has had another successful year with record levels of sales, profits and dividends against a backdrop of an increasingly challenging and competitive environment.
“With the acquisition of Londis GB, we now have the ability to establish a business across Britain which supports the independent retailer.”
The group said the combination of Budgens and Londis had full-year retail sales of E1.5bn.
Chris Martin, group chief executive, said: “This will now need to be supported by a major programme of investment in supply chain and systems, which will take several years.”
