Profit up 25pc at forecourt retailer Applegreen
Listed forecourt retailer Applegreen has seen its gross profit rise by a quarter to €181.7m in 2017, as the company increased the number of sites it operates by 99 to 342 during the year.
In its preliminary results for the year ended 31 December 2017, the company reported adjusted earnings before interest, taxation, depreciation, and amortisation of €39.8m, a 24pc increase on the same period in 2016.
Applegreen, which last year opened 22 new sites in the Republic of Ireland, reported revenue of €1.4bn for the 12 month period, an increase of 21pc on 2016, while its net debt position decreased to €10.2m as at 31 December 2017, from €19.4m at 31 December 2016.
Commenting on the results, Bob Etchingham, CEO of Applegreen said that the company was "very pleased" to report another strong set of results for the business as it continued to deliver on its growth strategy.
"This performance was underpinned by positive like for like growth, particularly in the Republic of Ireland, ongoing expansion of our estate and an enhanced fuel margin resulting from our acquisition of a 50pc stake in the Joint Fuels Terminal in Dublin Port."
During the year the company reported like-for-like growth of 7.4pc in non-fuel gross profit (food and store) at constant currency, while it opened 77 new food outlets in the year.
In the Republic of Ireland revenue at the company increased by 12.3pc last year, while gross profit increased by 16.5pc.
During the period, the group added 57 new sites in the US, completing the acquisition of the Brandi Group sites in October, which involved a leasehold arrangement with Getty Realty.
The consideration paid by Applegreen was US$5.7m, with Getty Realty acquiring certain property assets for US$68.3m.
Established in 1992 Applegreen, which has operations in the Republic of Ireland, the United Kingdom and the United States, last September raised over €46m in a share placing.