Musgraves rings up profits hike

Food and grocery distributor Musgraves has announced pre-tax profits of €72.5m for the year ended December 2005, up 5% on the previous year. After-tax profits increased by 8% to €55.9m.

Net debt has been reduced by €49m to €327m.

The SuperValu and Centra operator has 681 stores in Ireland and Spain and 2,261 stores in Britain under the Musgrave Budgens Londis brand.

The group has 40,000 direct and indirect employees, 24,000 in Ireland.

Chairman Hugh Mackeown said: "Our vision for the future is to strengthen our core business, while continuing to grow trade outside of Ireland through consolidation in the UK.

" I believe that by continuing to do this, we will continue to build on our success in the year ahead."