Food wholesaler Musgrave has announced a 5% increase in pre-tax profits to €72.5m for 2005, while group sales increased by 17% to €4.4 billion in what the company called an increasingly challenging trading environment.
During the year, net debt was reduced by €49m to €327m.
There is now a total of 681 SuperValu and Centra stores in Ireland, Northern Ireland and Spain, while Musgrave Budgens Londis is 'well positioned' in the UK with 2,261 stores.
Sales at Musgrave SuperValu-Centra Republic of Ireland rose by 7% to €2.9 billion last year, with Centra sales breaking the €1 billion barrier for the first time. Some €140m was invested in new stores and upgrading existing stores. During the year SuperValu increased market-share growth by 0.8% to 19.7%.
Sales at Musgrave SuperValu-Centra Northern Ireland increased by 9% to £267m sterling, with like for likes growth of 5%.
Musgrave's Wholesale Services had a 'successful' year in 2005 with growth in sales and profits.
Its UK group, Musgrave Budgens Londis had annualised sales of £1.8 billion and is being supported by a major programme of investment.
Sales at Dialsur, the company's Spanish division, grew by 3% to 174m, in a competitive trading environment. This division has 16 SuperValu stores in the southeast of the country. There are also 55 Dialprix stores, of which 30 are owned by the company.
'Our vision for the future is to strengthen our core business, while continuing to grow trade outside of Ireland through consolidation in the UK,' commented Musgrave Chairman Hugh Mackeown.
