Annual results

Given the recession across all the markets in which we operate and the fact the Irish grocery market is contracting, we delivered a good business performance in 2008.

• Sales of €4.8 billion, up 5 per cent at constant exchange rate (down 1 per cent at actual rates)
• Profit before tax of €75.5 million, down 20 per cent
• Profit after tax of €65.1 million (1.3 per cent of sales)
• Net debt reduced from €95.6 million to €86.2 million

Our retail partners operating the nine retail brands we support across Republic of Ireland, UK and Spain delivered combined turnover of €7.1 billion, up 6 per cent on the previous year (on a constant currency basis).

In the Republic of Ireland our retail brands grew sales to €4 billion, up 5.6 per cent. In the UK, the Budgens and Londis brands, together with the SuperValu, Centra and Mace brands in Northern Ireland, collectively outperformed the market, with sales of £2.4 billion, up 7.3 per cent.