Musgrave announces results for 2024 financial year
Musgrave Group reports €5.2bn turnover and higher profits for 2024, driven by store investment, acquisitions and strong retail performance
Print24 November 2025
Musgrave Group, Ireland’s leading food retail, wholesale and foodservice company, has recently announced its results for the financial year ended 31 December 2024.
The Group saw turnover of €5.2bn during the period, up 3.9% on 2023, driven by organic growth, new store openings and the impact of acquisitions.
The increase in turnover helped deliver a 5% increase in profit before tax to €134.5m.
Investment
The Group increased its level of investment in the business to €164m in 2024 to enhance its offering to customers and support of independent retail partners as well as lay the foundations for future growth.
This resulted in a net cash position at year end of €170.5m (2023: €193m).
Musgrave CEO Noel Keeley said: “In the face of a challenging market backdrop, our diversified business model delivered a solid performance for our business in 2024, which has enabled us to continue investing in support of our valued customers.
“We invested substantially in our retail brands to provide great value for shoppers, as well as enhance customer experiences through digital innovation in-store and online.
“Our wholesale and foodservice business saw further expansion through acquisitions, as we continue to build a world-class food and beverage business.
“Beyond our 2024 financial year, into 2025, we have continued to navigate challenges including supply-chain inflation and increases in energy and employment costs.
“We are acutely aware that consumers are faced with cost-of-living pressures, and we remain resolute in our commitment to deliver the best possible value to them.
“I’d like to thank our retail partners, customers, colleagues, and suppliers for the work they continue to do to bring a high-quality offer to every community in Ireland.”
2024 overview
Its retail business delivered a resilient performance in 2024, in a highly competitive market where household budgets remained under pressure.
Throughout the year, the Group invested over €60m in store revamps.
This revamp programme exemplifies its commitment to supporting independent retailers, enabling them to deliver enhanced customer experiences and world-class stores.
It also continued to acquire new stores on a strategic basis.
SuperValu continued to expand its own-brand offering and delivered a wide-range of targeted promotions, in line with its customer-focused ethos which aims to provide great value, high-quality food to customers.
Its increased suite of innovative meal solutions, including the newly acquired Clean Cut Meals, were a standout success as customers continued to seek convenient, nutritious options aligned with their busy lives.
Through its in-store butchers, fishmongers, cheesemongers, bakers and a wide range of other food experts, SuperValu continues to offer the number one food experience in Irish retail, serving the very best fresh produce.
Consumers continue to place a growing emphasis on convenience, which is reflected in Centra’s expansion of its food-to-go, top-up and dinner-for-tonight options.
The next generation of Centra’s offering and store design was launched in Centra Drumcondra.
This store exemplifies Centra’s world-leading convenience, bringing customers the latest innovations including touchscreen ordering systems to reduce deli queues, and a reusable cup washing station at Frank and Honest to support shoppers’ sustainability efforts.
Our stores also continued to make progress on our sustainability journey.
Musgrave invested more than €25 million in the largest deployment of reverse vending machines by any retailer in Ireland, installing around 700 machines across 560 stores by the end of 2024, following the launch in February.
More than 8,000 solar panels were installed across SuperValu, Centra and Musgrave warehouse buildings in 2024 – enough to power 800 homes.
In our wholesale/foodservice business, service enhancement, a commitment to value, and range extension were to the fore.
This included a €2.5 million investment in the Musgrave MarketPlace Food Emporium in Dublin which enhanced our butchery, beverage, and world food offerings.
Our wholesale/foodservice business has undergone a remarkable digital transformation in recent years, seeing Musgrave MarketPlace move from an offline to an online business.
This shift makes business easier for customers through live inventory information, streamlined workflows and improved efficiency, while enhancing Musgrave’s ability to respond quickly to changing market demands.
In recent years we have built up a highly complementary range of specialist foodservice businesses, which enable us to provide a very competitive and compelling offering to customers ranging from small cafes to Michelin–star restaurants.
This stems from a focus on identifying strategic acquisitions, which in 2024 included Febvre, Robb Wines, Parkview Provisions and AFT.
It will continue to seek acquisition opportunities in markets at home and abroad, leveraging its expertise to enhance foodservice offerings and grow our portfolio of wholesale brands.
Read more: Musgrave launches second series of ‘Growing Good Business’ podcast
© 2025, ShelfLife by Ryan Brennan
Related Articles
Dunnes holds steady as Ireland’s top grocer →
Followers 0
Fans 0
Followers