Musgrave today reported pre-tax profit growth of 3 per cent to €59.3 million in the year ending December 2003.
In a statement today the retailer said the trading environment during the period had been difficult. Turnover was up 20 per cent to €3.341 billion. Net debt dropped by almost €80 million to €394.1 million.
Musgraves is set to complete the €90 million takeover of British retail chain Londis next month, and the acquisition is set to make Musgrave the largest symbol wholesaler in Britain.
According to the company, increased sales in each division drove turnover growth. The performance of Budgens - which was acquired in July 2002 - was included for the first full-year.
Musgraves said its decision to enter the British convenience market was proving beneficial. Budgens contributed 14 per cent to the 20 per cent rise in total turnover for the group.
After tax profits were up 7.6 per cent to €42.9 million, while net worth increased from €16.6 million to €229.3 million.
