Musgrave Group's 2003 results, released today, show strong turnover growth as well as increases in sales and profits. Profit before taxation rose 3% to €59.3m, though this included a €6.6m charge linked to property losses.
Despite a difficult trading environment, the group's sales increased 20% to €3.3 billion last year.
This growth was driven by increased sales across all business areas and also by the acquisition in July 2002 of Budgens, a convenience and grocery retailer operating in the South East of England. Of the 20% increase, 14% is attributable to Budgens.
Musgraves will strengthen its position in the UK convenience sector with the recently announced acquisition of Londis UK.
Hugh MacKeown, the group's chairman, said that the company's cost base must continue to be managed effectively with economies of scale being driven from the current growth.
Seamus Scally, the group chief executive, said he was pleased that each business area continued to perform strongly, notwithstanding significantly increased competition.
