Musgrave announces profit of €80m for 2017 Financial Year
Musgrave today announced results for the financial year ended 30 December 2017, which show that the company made a profit of more than €80m, a 9% increase on the 2016 figure.
25 May 2018
Musgrave has announced its financial results for the 2017 financial year. Sales of €3.7 billion and profit before tax of €80 million put the company in a strong position going forward, showing a 9% increase on the previous year. Net cash was €71 million and net assets totalled €330 million, an increase of €82 million.
Commenting, Chris Martin, Musgrave Chief Executive said the position will alloiw the company to move forward by exploring opportunities in acquisitions and new brands. “We have delivered a strong financial performance,” he said. “Our brands enabled local community retailers to go head-to-head with the multiple chains in a highly competitive market.
“These family businesses are benefiting from their partnership with us and our financial strength enables us to support them into the future,” Martin added. “This financial strength also means we can continue to explore opportunities through acquisitions, exports and by developing new brands.
Musgrave says it is combining brand and digital innovation to deliver a “seamless shopping experience” across Ireland and exporting Irish food and our own brand products.
On the topic of Brexit, meanwhile, the company says it is working to ensure that the company is prepared for the post-Brexit environment, as well as providing support for independent retail partners.