Musgrave Group records sales of €4.9 billion

Pictured: Stanley Tucci & Amy Huberman

As the Musgrave Group announces sales of €4.9 billion, chief executive Chris Martin says the company is seeing sales improve in Ireland whereas "economies are weakening" in the UK and Spain.

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The Musgrave Group, which has retail partners in Ireland, Spain and the UK, has reported sales of €4.9 billion, up 11% on the previous year. This delivered a profit before tax of €72 million, an increase of 3%.

Total retail sales, which is the combined turnover of Musgrave’s retail brands, was €7 billion; up 9% on 2011. Net debt was reduced by 24% to €143 million with net assets increasing to €462 million.

Commenting on the results, Chris Martin, Musgrave Group chief executive, 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."

He said the group achieved this through its ‘Winning in the New World’ strategy, which saw Musgrave further sharpen its offer to consumers, leverage its scale and improve operations across the group.

The chief executive added that the group had "reduced costs through simplification and re-organisation," which allowed it "to deliver further value to the consumer".

"In 2013 as we enter the second year of our strategy, 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," said Martin.

"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. In doing so, we will continue to deliver sustainable profits for our retail partners and our own business, whilst offering outstanding value for consumers."

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