Musgrave enjoys record profits

Irish retail giant Musgrave today announced record profits after tax up 20% to €51.5m for 2004, with turnover climbing 13% to €3,762m.

Group sales climbed 13% to €3.8bn. Musgrave's net debt reduced by €12m to €383m after investing €88m in acquisitions, while the company enjoyed strong growth in the SuperValu and Centra brands.

During the year Musgrave grabbed a foothold in the UK market with the purchase of Londis GB.

Group chairman Hugh Mackeown said: "Our strategy is to be a successful international food distribution group, with significant operations outside the island of Ireland.

"With the acquisition of Londis GB we now have the ability to establish a business across Britain which supports the independent retailer.”