Tuesday 27 September 2016

Applegreen profits soar 22pc to €17.7m in 2015

Published 14/03/2016 | 07:54

Joe Barrett, chief operations officer of service station operator Applegreen. Photo: Jason Clarke Photography
Joe Barrett, chief operations officer of service station operator Applegreen. Photo: Jason Clarke Photography

Profits at Applegreen, a petrol station chain in Ireland and the UK, has reported a 22pc increase in its profit before tax for 2015.

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Earnings before interest tax depreciation amortisation (EBITDA) at the company rose 26pc to €28.9m while the firm's gross profit jumped 30pc year on year to €125.9m.

Over the course of 2015 Applegreen grew its estate to 200 sites, up from the 152 sites it had in 2104.

Applegreen had its initial public offering in June and raised €66.3m in primary capital from it.

The company had a net debt of €4.7m at the end of the year in which its revenue increased 15pc to €1.08bn.

Applegreen chief executive Bob Etchingham described the company's performance in 2015 as "strong" with growth in both profitability and turnover.

"We continued to expand our business in the year adding five service area sites and seven petrol filling stations in the Republic of Ireland, as well as expanding our network of dealer sites by 25. In the UK our site numbers increased by eight including the first motorway service area in Northern Ireland," he said.

The firm's CEO continued, saying the Applegreen has had a "positive start to 2016".

"Consumer sentiment is strong in both our key markets, particularly the Republic of Ireland, and we are confident that our distinctive retail offering in the forecourt sector will continue to deliver growth through 2016," Mr Etrchingham said.

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