Musgrave reveals fall in profit despite sales increase

Food group, Musgrave, has announced a fall in profit for the year ended December 31, 2011.

The Group, which is partner to food retailers and foodservice professionals across Ireland, the UK and Spain, reported sales of €4.5bn, a 1.6% rise.

This has delivered a profit of €71m, down 1% from last year. Debt increased from a net cash position of €21 million in 2010 to €187 million at year end following the acquisition of Superquinn.

Chris Martin, Musgrave Group chief executive, said: “Despite the economic challenges and a consumer that is focused on spending less, we have delivered a good performance with turnover and profit remaining steady for the third consecutive year.

"2012 continues to be tough but our brands are performing well, benefiting from customers who want to shop locally for value."

More in this Section

Aer Lingus owner won't say whether it has plans to sue Ireland over Covid-19 quarantineAer Lingus owner won't say whether it has plans to sue Ireland over Covid-19 quarantine

Warning over 'two speed' Irish economy when Covid-19 crisis endsWarning over 'two speed' Irish economy when Covid-19 crisis ends

Hairdressers want further trimming of shortened reopening roadmapHairdressers want further trimming of shortened reopening roadmap

Bank bosses warned over treatment of customers when pandemic payment breaks endBank bosses warned over treatment of customers when pandemic payment breaks end


Lifestyle

Rower Philip Doyle believes there is no gain without pain when it comes to training. “You have to break a body down to build it up,” says the 27-year-old matter of factly.Irish rower Philip Doyle: 'You have to break a body down to built it up'

The bohemian brio of kaftans seems a tad exotic for socially distanced coffee mornings or close-to-home staycations. Perhaps that’s their charm.Trend of the Week: Cool Kaftans - Breezy dressing redefined

Eve Kelliher consults a Munster designer to find out what our future residences, offices and businesses will look likeHow pandemic life is transforming homes and workplaces

Nidge and co return for a repeat of a series that gripped the nation over its five seasons.Friday's TV Highlights: Love/Hate returns while Springwatch looks at rewilding

More From The Irish Examiner