Musgrave today (10 May) announced that its turnover for 2018 was up 3.8% to €3.9 billion and its profit before tax showed a 5.6% increase to €84.5 million, compared to the previous year.
Net assets were €410 million, an increase of €79 million on 2017 and the business ended the year with net cash of €16 million, according to its latest results for the financial year ended 29 December 2018.
“2018 has been another successful year for Musgrave," Chris Martin, Musgrave CEO said.
"Despite very competitive markets, for the fourth year in a row we have reported increased profit, with all our brands performing well and growing."
Growing Good Business
In a statement the group said that its Growing Good Business strategy has seen the business grow its existing brands, create new brands and look for opportunities to build or acquire businesses in new and emerging sectors of the food industry.
"Our performance underlines the success of our Growing Good Business strategy, which is on track to deliver long-term growth." Martin explained.
"Through this strategy, we are successfully evolving our business to provide people with unique food experiences when, where and how they want them. This is being delivered through investment in digital, a focus on innovation and with our retail partners who are responsive to the local needs of shoppers."
New Brands And Ranges
In 2018 the group said that it continued to innovate with new brands and ranges such as Frank & Honest coffee, Moo’d – an ice cream brand; Caramico – a premium pizza range and Green Kitchen.
Last year Musgrave completed the acquisition of two fine food companies.
"We are pleased that our recent acquisitions, La Rousse Foods and Donnybrook Fair, which we acquired in 2018, are performing well and we continue to explore further acquisition opportunities.” Martin said.
SuperValu recorded a new 'retail sales milestone' of €2.9 billion across the island of Ireland in 2018.
In 2018 Centra performed strongly with retail sales of €1.9 billion in 2018.
Last year, its Daybreak brand added 17 new stores to its portfolio, bringing the total to 237 stores.
Both SuperValu and Centra both celebrate their 40th anniversary this year.
CEO To Step Down
The Irish owned company also announced that Chris Martin, who became CEO of Musgrave Group plc in 2005, will be retiring from the group.
“After 14 years as CEO, I will be retiring from Musgrave and moving onto my next chapter," Martin said.
"Musgrave has been an important part of my life and I have had the privilege of working with exceptional colleagues, world class retailers and supportive shareholders."
Musgrave highlighted that it has been systematically planning for Brexit for the last two years in order to minimize the impact on shoppers, to support its retailers and to protect its business.
The group highlighted that it is 'setting up the business for the long-term to realise opportunities in a growing food market across the island of Ireland estimated to be worth in excess of €30 billion and set to rise to €37 billion by 2025'.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.