Applegreen pump up a 20pc increase in profits
Forecourt retailer Applegreen saw its gross profit increase 20pc to €82.2m in the six months to 30 June, according to the group’s half year report.
Adjusted earnings before interest, taxation, depreciation, and amortisation - a measure of a company’s operating cash flow – increased by 28pc to €16.6m, while the group experienced growth of 10pc in non-fuel gross profit during the six month period.
The performance was driven by favourable fuel margins, very strong like-for-like growth in non-fuel revenues and margins, together with continued investment in the expansion of the estate.
During the six months to 30 June, the company, which operates in Ireland, the UK, and the US, increased its estate to 275 sites, up from 243 at 31 December, while 17 new food outlets were opened in the period.
Revenue at the forecourt retailer, which employs approximately 4,000 people, was €672.5m in the six months to 30 June, a 21pc increase year-on-year.
While the company’s net debt position at 30 June was €33.2m, up from €19.4m at 31 December 2016.
Commenting on the results, Bob Etchingham Applegreen CEO, said that the company was pleased to report another "strong" set of results.
"We now have a good platform for growth in each of our three markets and are well positioned for the seasonally important second half of the year. Overall, we remain confident in the prospects for the business in 2017," Mr Etchingham said.
In July of this year the company said that it would continue to eye expansion opportunities in the eastern United States after buying a chain of filling stations in South Carolina as part of a $75m (€66m) deal.
While last month, Applegreen agreed to pay Carsley Group £21m (€23m) for seven sites in the UK.
The sites, along the A1 between London and the north, include six service areas.