Irish food distribution group Musgrave has posted a rise in pre-tax profits for 2004 to €68.5m (US$87.9m), compared with €59.3m in 2003.
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Group turnover for the year to the end of December 2004 rose €3.762bn from €3.341bn
In the UK, Musgrave acquired Londis in July 2004 as part of a strategy to expand overseas.
“I am pleased to report that the Musgrave Group has continued its strong performance in 2004, recording growth in sales, profits and dividends despite increasingly challenging trading condition,” said chairman Hugh Mackeown
“While the group has expanded rapidly in recent years resulting from market buoyancy and business acquisitions, it is now entering a period of less rapid growth, with food inflation static in each business,” he said. “This environment requires a relentless focus on improved productivity and efficiency. However, the group’s business model is strong, founded as it is on the support it offers to the independent retail sector and the values of its people. We can look forward to the future with confidence.”
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