Tuesday 25 September 2018

'Positive' start to year for Applegreen impacted by severe weather - particularly in Ireland

Agreement to lease 43 petrol filling station sites from CrossAmerica Partners LP, located in Florida

Agreement to lease a network of 43 petrol filling station sites from CrossAmerica Partners LP, all located in Florida. Stock photo
Agreement to lease a network of 43 petrol filling station sites from CrossAmerica Partners LP, all located in Florida. Stock photo
Louise Kelly

Louise Kelly

Severe weather affected Applegreen's business, particularly in Ireland, despite a 'positive start' to the year.

According to the company, which will be holding its AGM at 11am this morning, improved trading results year-on-year were impacted.

"The severe weather in March however affected business across all our markets but particularly in Ireland, while recent international fuel price increases have adversely impacted on fuel margins," Chairman Daniel Kitchen will announce at the Herbert Park Hotel meeting.

Applegreen has added some 24 sites to its portfolio since last December, with seven new sites in Ireland, two of these service stations. The other sites are based in the UK and the US.

Mr Kitchen said that the group has also reached an agreement to lease a network of 43 petrol filling station sites from CrossAmerica Partners LP, all located in Florida.

"Under the terms of the arrangement, Applegreen will enter into a long-term agreement to lease the property assets from CAP. This transaction is expected to complete, subject to a number of conditions, in Q3 2018," he said.

Applegreen also intend to pay a final dividend of 0.80c per share on July 5, subject to shareholder approval, bringing the total dividend for the financial year 2017 to 1.40c per share.

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