Musgrave revenues hit €4.9bn

A first full-year’s contribution from Superquinn helped drive revenues at the Musgrave Group up by 11%, last year, to €4.9 billion.

Figures show that the Cork-headquartered grocery retail and food-service group — which also owns SuperValu, Centra and Daybreak — also delivered a pre-tax profit of €72m, up by 3% on 2011 levels, and reduced its net debt by 24% to €143m at the end of 2012. The group’s net assets rose to €462m.

Musgrave had eliminated its debt in 2010, but went from a net cash position of €21m to a debt of €187m with the 2011 €229m purchase from receivership of Superquinn.