The Londis retail chain has announced an increase of 30 per cent in its share price after its first year as a private company.
Shares are trading at €62.59 per share compared to €48.15 in 2004. The increase in the share price follows a 62 per cent rise in profits in 2005.
Speaking at the company's annual retailer conference in Killkenny today, joint chief executive Stephen O'Riordan said the convenience market was performing strongly despite the recent abolition of the Groceries Order.
"The group's growth in 2006 in a fiercely competitive marketplace has shown that the consumer is concerned about more than just price. A strong service culture, good value for money, high quality product and a focus on responding to changing consumer tastes ensures that the independent sector remains very robust, providing a much needed service to Irish consumers," he said.
Mr O'Riordan said the company remains on target to achieve its profit growth objectives set out at the beginning of the year, with year to date sales growth of 7 per cent.
Over 350 delegates from Londis stores all over the country are attending the conference in Kilkenny. The group employs over 6,000 staff in over 330 stores nationwide.