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."