Musgrave reports sales of €4.9 billion for 2012

Food group Musgrave has reported sales of €4.9 billion for 2012, up 11 per cent on the previous year.

The company, which operates the SuperValu, Centra and Superquinn retail brands in Ireland, announced a pre-tax profit of €72 million, up 3 per cent on 2011.

Total retail sales, which is the combined turnover of Musgrave's retail brands, was €7 billion, up 9 per cent on 2011.

Net debt was reduced by 24 per cent to €143 million with net assets increasing to €462 million.

Chief executive Chris Martin said: "2012 was another year of challenging economic circumstances with continued austerity budgets, which has further cemented the changed mindset of consumers, who remain focused on spending less. Against this backdrop, we delivered a good financial performance."

The group also operates the Budgens and Londis brands in the UK and Dialprix in Spain.

"We are seeing our sales improve in Ireland as the economy begins to stabilise whereas we are tackling the challenges presented in the UK and Spain where those economies are weakening,” Mr Martin said.

"Our focus in all three markets will be on strengthening our retail brands and exploring opportunities to take our brands further and to build on our growth agenda," he added.