Londis retailers today announced a 62% growth in company profits in 2005.
The group also announced an increase of 30% in its share price to €62.59 per share after its first year as a private plc.
Adressing more than 350 delegates at the group’s Annual Retailer Conference at Lyrath Estate Hotel, Kilkenny, joint chief executive Stephen O’Riordan was bullish about the future of local shops in the wake of the abolition of the Groceries Order.
“The group’s growth in 2006 in a fiercely competitive marketplace has shown that the consumer is concerned about more than just price,” he said.
“Despite the recent abolition of the Groceries Order, the convenience market is performing strongly demonstrating consumer dynamics which are very much in favour of independent retailers.
“A strong service culture, good value for money, high quality product and a focus on responding to changing consumer tastes ensures that the independent sector remains very robust, providing a much needed service to Irish consumers.
“Nevertheless, rising business costs remain a significant challenge to the sector and we would like to see the Government make every effort to address these real causes of inflation”.