Saturday 25 May 2019

Half year profit jumps 33pc at Applegreen to €109m

Ellie Donnelly

Ellie Donnelly

Petrol station business Applegreen has seen its gross profit jump 33pc year-on-year to €109.2m in the six months to 30 June.

Revenue at the group increased 27pc to €854.9m, the group said in a trading update today.  On a constant currency basis revenue increased 30pc year-on-year.

Meanwhile adjusted earnings before interest, taxation, depreciation, and amortisation increased by 17pc to €19.4m.

During the six month period the group saw like-for-like growth of 3.5pc in non-fuel gross profit.

Capital expenditure during the period was €30.3m, while the group’s net debt position declined slightly to €9.1m at 30 June from €10.2m at 31 December 2017.

Applegreen opened 14 new food outlets in the six month period to bring its total to 274 outlets.

"Our financial performance for the first six months of 2018 has been robust notwithstanding the difficult trading conditions caused by the exceptional weather in March, especially in our Irish business," Bob Etchingham, CEO of Applegreen, said.

"Apart from the impact of this one off event, the underlying business continues to perform well and we remain confident in the prospects for the business in 2018."

In August Applegreen announced that it is to acquire a majority stake in UK motorway service area operator Welcome Break for €362m.

The Welcome Break portfolio consists of 24 motorway service areas, two trunk road service areas, as well as 29 hotels across 35 locations in the UK.

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