ADM Londis, the wholesaling group owned by the network of Londis convenience store retailers, recorded a 7 per cent dip in sales last year to €204 million, according to accounts recently filed.
The group’s pretax profits slipped by about €250,000 to just over €1.2 million.
Leo McCauley, the group’s chairman, told its 140 shareholders the figures represented a “robust” set of results.
"The group has remained solidly profitable throughout five years of recession."
Chilled foods
ADM Londis invested about €500,000 in a new cloud-based ordering system for chilled foods, which it said has reduced prices for retailers by 6 per cent.
“It is the most significant development by the group in many years,” the company said.
Stephen O’Riordan, the ADM Londis chief executive, said like-for-like sales were down 2 per cent when the effects of shuttered stores were taken into account.
He argued that the rest of the decline was due to declining margins on cigarette sales and mobile phone top-ups.
Like-for-like sales in the first three months of 2013 were up 2.5 per cent, according to the company.
The company said it had decided not to pay a dividend, but would instead launch a scheme to allow retired shareholders the option to cash in their shareholdings.
“This buyback will facilitate a timely exit for retired shareholders wishing to realise some value for their shareholding, albeit at a discounted rate,” it said.
