SuperValu and Centra franchise owner Musgrave earned €133 million profit last year as the retail and wholesale group boosted investment across its businesses, its annual report showed.Musgrave’s turnover grew 5.4 per cent to €5.5 billion last year, from €5.2 billion in 2024, aided by new store openings and acquisitions, which included Delifresh in Britain, the group said on Tuesday.Operating profit increased to €132.8 million in 2025 from €130.5 million, while profit before tax and once-off costs was flat at €133 million.Musgrave invested €40.2 million across its retail division, information technology systems and supply chains last year.Chief executive Noel Keeley said in the annual report that this was the first phase of an ongoing investment programme aimed at strengthening the business.Pretax profit after calculating for the investment was €92.7 million in 2025, from €134.5 million the previous year.The group’s capital spending was close to €142 million last year. This included new store openings and revamps of existing outlets.Will a Middle East peace deal make any difference to inflation? Listen | 32:03That left it with a cash balance of €104 million at the end of last year against €170.5 million 12 months earlier.For 2026 it has already announced investments that will include new store openings and refurbishments.Commenting on the results, Keeley said Musgrave delivered a strong performance last year in the face of ongoing market pressure.During 2025 the group invested in its “brands, infrastructure, technology and capabilities”, he said.“While inflationary pressures and rising operating costs continue to present challenges, we remain focused on delivering value for customers, supporting our retail partners and investing responsibly for the long term,” he said.Keeley is to step down later this year after 22 years with the group. He has been chief executive since 2019.Niall Anderton will succeed him after joining in May as incoming chief executive.Anderton most recently served as global senior vice-president, strategy and transformation, at Alimentation Couche-Tard, which operates the Circle K brand across the world.Musgrave chairman Nicky Hartery is also stepping down after 10 years in that role and 16 years on the Musgrave board. Róisín Brennan, a member of the group’s board for 10 years, is to succeed him as interim chairwoman.Musgrave owns the Centra, SuperValu, Daybreak, Mace and Donnybrook Fair brands in Ireland along with Dialprix in Spain. Turnover at its stores reached €6.8 billion last year.SuperValu’s sales reached €3.6 billion last year. According to the annual report, the chain expanded its fresh and convenience food businesses and continued to invest in technology to make online and in-store shopping easier.Centra maintained a leading position in convenience stores with sales of €2.6 billion. It has announced a €27 million investment programme for this year in opening new stores, refurbishments and the creation of 500 new jobs.Musgrave’s wholesale and food service business continued to “strengthen its market position through investment and strategic expansion”, the report said.Last year it spent €600,000 on a Next Generation Food Emporium at Musgrave Marketplace, Belfast.