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21/06/2002
Musgrave announce pre-tax profits of €47m
Food retail and distribution company, Musgrave Group have announced record financial results for the year ended 31 December 2001 with turnover up €258 million or 12.8% at €2.27 billion from €2.01 billion in 2000.
The Group's operating profit for the year was €57.33 million, an increase of 38.3% on the €41.45 million achieved in 2000. Pre-tax profit increased from €34.29 million in 2000 to €47.14 million in 2001 representing an increase of 37%. However, as of 31 December 2001, the Group had net debt of €195 million.
Commenting on the results, Seamus Scally, Group Managing Director of Musgrave said: “The year 2001 was another year of solid growth throughout the Group. The 11% increase in sales achieved by Musgrave SuperValu Centra, the company’s retail franchise division, outperformed all other competitors in the market”.
“Our independent franchisee retailers have engaged in an intensive programme of store extensions and refurbishments and with strong growth anticipated in our Foodservices Sector we expect to see further significant growth in the year ahead.”
Group Chairman, Hugh Mackeown commented on the year as “one of consolidation which reflected the coming to fruition of a number of significant business development and profit improvement initiatives, undertaken by the Group, over the past number of years.
“Sales in the Republic of Ireland grew by 13.5% and represented 79% of total Group turnover. Supervalu & Centra retailers held a combined 22.5% of the retail grocery market in the Republic of Ireland.
“Turnover grew again in Northern Ireland for the second year in a row with an increase of 12.7% recorded in sales. We have continued to grow our network of stores and currently trade through 77 SuperValu & Centra stores in Northern Ireland, of which 64 are owned and operated by independent franchisee retailers.
"The Cash and Carry division continued to develop successfully during the year and launched Musgrave Foodservices, an innovative offer to the hotel and catering sector, in January 2001. Our operation in Spain also showed considerable growth with a 10.4% increase in sales to €150 million.″
Musgrave noted that in Northern Ireland the market continued to be "extremely competitive."
However, 15 new stores joined SuperValu & Centra during the year and in October last year the division committed to investing in a new, €32.5 million, 200,000 sq ft purpose-built, distribution facility in Belfast.
(SP)
The Group's operating profit for the year was €57.33 million, an increase of 38.3% on the €41.45 million achieved in 2000. Pre-tax profit increased from €34.29 million in 2000 to €47.14 million in 2001 representing an increase of 37%. However, as of 31 December 2001, the Group had net debt of €195 million.
Commenting on the results, Seamus Scally, Group Managing Director of Musgrave said: “The year 2001 was another year of solid growth throughout the Group. The 11% increase in sales achieved by Musgrave SuperValu Centra, the company’s retail franchise division, outperformed all other competitors in the market”.
“Our independent franchisee retailers have engaged in an intensive programme of store extensions and refurbishments and with strong growth anticipated in our Foodservices Sector we expect to see further significant growth in the year ahead.”
Group Chairman, Hugh Mackeown commented on the year as “one of consolidation which reflected the coming to fruition of a number of significant business development and profit improvement initiatives, undertaken by the Group, over the past number of years.
“Sales in the Republic of Ireland grew by 13.5% and represented 79% of total Group turnover. Supervalu & Centra retailers held a combined 22.5% of the retail grocery market in the Republic of Ireland.
“Turnover grew again in Northern Ireland for the second year in a row with an increase of 12.7% recorded in sales. We have continued to grow our network of stores and currently trade through 77 SuperValu & Centra stores in Northern Ireland, of which 64 are owned and operated by independent franchisee retailers.
"The Cash and Carry division continued to develop successfully during the year and launched Musgrave Foodservices, an innovative offer to the hotel and catering sector, in January 2001. Our operation in Spain also showed considerable growth with a 10.4% increase in sales to €150 million.″
Musgrave noted that in Northern Ireland the market continued to be "extremely competitive."
However, 15 new stores joined SuperValu & Centra during the year and in October last year the division committed to investing in a new, €32.5 million, 200,000 sq ft purpose-built, distribution facility in Belfast.
(SP)
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JURY’S PROFITS UNTOUCHED BY FMD
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