Musgrave announces strong performance in 2016
Musgrave has announced results for the financial year 2016, which saw the company turn a healthy profit.
6 July 2017 | 0
Earlier this week, Kantar Worldpanel’s official supermarket share figures revealed that SuperValu had retained its top spot as Ireland’s most popular grocery retailer. On the back of that news, SuperValu’s parent company Musgrave announced its financial results for 2016, which revealed a strong performance from the company overall.
The group reported sales of €3.7 billion, turning a pre-profit tax of €73m. Net cash was €121m, while shareholder funds at year-end were €249m, the report said.
Chris Martin, CEO of the Musgrave Group, said that investment in brands during the recession was a successful long-term strategy, along with a clear focus on cost reduction and delivery of a transformation programme which commenced in 2014.
“Our business performed strongly in 2016,” Martin said, “with turnover up 3.4%. We are well-positioned to deliver long-term sustainable growth, capitalising on the anticipated growth of the grocery and foodservice markets in Ireland and Spain in the coming years.
(Musgrave Partners also operates a cash and carry chain, Dialsur, in Spain).
Chris Martin said that through its symbol groups SuperValu, Centra, Musgrave Marketlace and more, the company prioritise “food leadership” in response to a growing trend for healthier food choices for consumers.
“We have also focused on developing an omni-channel experience to ensure our brands are always on and always open,” Martin said. This is a reference to the SuperValu e-commerce export service that was launched earlier this year. This service is expected to grow and develop in the coming years.