According to the results, revenue at Musgrave Group increased from €4.5bn in 2021 to €4.7bn which on the back of, the company generated a gross profit of €875.1m.

However, the company saw an increase in operational costs, up 4.4% to €617m, and administrative costs, up 4.7% to €149m.

Staff costs amounted to €418m during 2022 - up from €395.2m.

This left the Musgrave Group with an operating profit of €116m which dropped to a profit of €99m after taxes were deducted. This is still an increase of €6.3m year-on-year.

Nicky Hartery, chairman of the Musgrave Group, said the results for 2022 were “solid” and despite obstacles such as inflation and the impact the war in Ukraine had on global supply-chains.

“Margins have been under significant pressure due to high inflation, rising cost of goods and operational costs, and unpredictable energy prices. Moreover, global supply- chain disruptions caused by the war in Ukraine and the growing impact of climate change have presented persistent logistical challenges,” he said.

Of the company’s recorded €4.7bn in turnover, €3.9bn was generated in the Republic of Ireland with €600m generated in Northern Ireland. The remaining €200m was generated in the company’s Spanish outlets.

The Musgrave Group operates 12 brands on the island of Ireland and in Spain including Frank and Honest, Donnybrook Fair, Daybreak, and Mace. The company employs 41,000 people across its businesses.

During the year, SuperValu recorded the Group’s largest sales with a total value of €3.3bn followed by Centra at €2.3bn. Daybreak generated €300m in sales.

SuperValu has 222 stores nationwide and an additional 37 in Northern Ireland, while Centra has 489 stores in the Republic and 102 in Northern Ireland. Daybreak has 300 stores in the Republic with Donnybrook Fair having six outlets here.

The company has a net cash position of €238m up from €193m.

While the company’s grocery business gradually returned to normal during 2022 following the pandemic, it was Musgrave’s foodservice sector which saw a huge growth over the year.

Sales to hotels and restaurants were up 51% year-on-year and is now serving approximately 45,000 customers across the island of Ireland.

Noel Keeley, chief executive of the Musgrave Group, said the company will continue to grow its retail and foodservice businesses through “investment and acquisition, as well as exploring further strategic diversification as opportunities arise”.

Dividends paid out in the family-owned company amounted to €25.2m during the year up from 18.6m in 2021.

In its financial statement for the year, the company has identified a number of potential risks going forward chief among them is the continued impact on inflation which impacted consumer spending and shopping behaviours. In addition, the identified labour availability as another risk factor.