Musgrave today announced results for the financial year ended 30 December 2017, with sales of €3.7 billion and profit before tax of €80 million, a 9% increase on the previous year.
The wholesaler's net cash was €71 million and net assets totalled €330 million, an increase of €82 million.
“We have delivered a strong financial performance, reporting a third consecutive year of profit growth with sales also performing well despite on-going food deflation. Our brands enabled local community retailers to go head-to-head with the multiple chains in a highly competitive market,” Chris Martin, Musgrave chief executive said.
“These family businesses are benefiting from their partnership with us and our financial strength enables us to support them into the future. This financial strength also means we can continue to explore opportunities through acquisitions, exports and by developing new brands.”
Musgrave business is combining brand and digital innovation 'to deliver a seamless shopping experience' across Ireland and exporting Irish food and its own brand products.
'The total Irish food market, which combines both hospitality and grocery across the island of Ireland, is worth €30 billion which presents exciting growth opportunities for Musgrave and our retail partners. Building on our food expertise, Frank & Honest coffee is now available in over 630 stores and has become the number one selling coffee brand in Ireland,' the firm said in a statement.
Retailers Recorded Sales
The group outlined that SuperValu in the Republic of Ireland, recorded sales of €2.7 billion in 2017 a new record for the brand. Ongoing investment in innovation saw SuperValu’s online shopping offer go from strength to strength, with sales increasing by 23%.
The financial results showed that Centra recorded sales of €1.58 billion in 2017, which it attributed to, 'the continued demand by consumers for healthier options as part of living a balanced lifestyle.'
'While Ireland continues to have one of the strongest economies in Europe, there is Brexit related uncertainty with the potential to slow growth in the food and grocery sector. We are working to ensure that our business is prepared for this environment, as well as providing support for our independent retail partners,' the group concluded in the statement.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.