Applegreen revenue and earnings jump on the back of acquisitions
Revenue at petrol forecourt retailer Applegreen jumped 41pc to €2bn last year, according to annual results from the group.
The group’s gross profit increased by 55pc over the same period to €282.3m, while adjusted earnings before interest, taxation, depreciation, and amortisation increased by 46pc to €58.1m in the 12 months to 31 December 2018.
Excluding the Welcome Break acquisition in October, Applegreen's adjusted EBITDA increased by 20pc to €47.8m in 2018.
Applegreen reported like-for-like growth in fuel revenue of 5.7pc and 3.3pc like-for-like growth in non-fuel revenue.
The performance was also helped by a number of acquisitions in 2018, including a majority stake in Welcome Break, the second largest motorway service area operator in the UK, which was financed through debt and an equity fundraise.
The Welcome Break portfolio comprises 34 motorway service area sites, three trunk road service area sites and 29 hotels.
In addition, the group acquired 43 leasehold sites in Florida from CrossAmerica Partners completed in September 2018.
Bob Etchingham, CEO of Applegreen, said: "We are delighted to announce another strong set of results for Applegreen.”
“The performance was driven by ongoing expansion of our estate, positive like for like growth despite weather related disruption and strong fuel margin performance, particularly in the fourth quarter of the year."
Mr Etchingham added that the acquisition of Welcome Break is “transformational” for the company.
“It gives us an excellent platform to develop our service area business in the UK market."