Jeronimo Martins has reported on its full-year results for 2010, with the group describing them as 'strong', despite a challenging environment.

Consolidated sales grew by 18.8 per cent to €8.7bn, the group said, boosted by the full implementation of the group's expansion programme, as well as like-for-like sales of 8.7 per cent.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 23.6 per cent to €652.6m, accounting for 7.5 per cent of sales, while consolidated net debt fell by €114.5m on 2009.

'For Jeronimo Martins, 2010 has been a remarkable year in terms of profitability,' said group CEO Pedro Soares dos Santos. 'The company entered in a key momentum of its growth strategy that combines strong growth with low execution risk. We intend to expand this momentum further whilst continuing to search for new growth opportunities.'