While reducing net debt by ?49m
Convenience chain operator Musgrave Group has reported pre-tax profits up 5 per cent to Eu72.5 million (£49.5 million) for the year to December 31.

The group, which operates in the UK, Spain and the Republic of Ireland, said it achieved a double-digit sales uplift last year, despite higher costs and a difficult trading environment. Net debt was also reduced by Eu49 million (£33.5 million) to Eu327 million (£223.3 million).

Like-for-like sales were up 7 per cent in the Republic of Ireland and 5 per cent in Britain and Northern Ireland.

In the UK, the company has completed the consolidation of Budgens and Londis under one operating division - Musgrave Budgens Londis (MBL). There are 131 company owned, 80 independently owned Budgens stores and more than 2,050 independently owned Londis.

At the group's Spanish division Dialsur, sales increased 3 per cent to Eu174 million (£118.8 million).

In Northern Ireland and the Republic of Ireland, the company operates under the SuperValu and Centra brands.

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