Applegreen Sees Profits Rise By 16.4% In ROI In H1
Published on Sep 12 2017 10:07 AM
Applegreen's revenue in the Republic of Ireland increased by 15.4% and gross profit increased by 16.4%, in the six months to 30 June 2017, according to its half-year report, which it published today.
The forecourt retailer noted that its like-for-like food and store sales increased year on year by 6.4% and related gross profit grew by 10.6%, and its total fuel gross profit increased by 19.0% compared to H1 2016 and increased by 9.6% on a like-for-like basis.
It outlined in the report that during the period, it expanded its Republic of Ireland estate by 11 sites including five dealer sites.
Allied to this in the first half of the year six sites were rebranded or upgraded incorporating at least one new food offer in all cases. 74% of the ROI Company owned Petrol Filling Station estate is now branded Applegreen.
Our dealer and fuel card volumes have shown significant growth and now account for 28% of ROI fuel volumes.
At the beginning of 2017, we entered into a conditional agreement to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for a consideration of €15.7m. The acquisition was completed in July 2017. This transaction will provide both security and enhanced competitiveness of supply while providing further scope for the development of our Irish fuel business.
Overall Profits Rise By A Fifth
On an international scale, Applegreen has seen its profits rise by a fifth in the first half of its financial year.
The forecourt operator said that its positive performance for the first half of 2017 was driven by strong fuel margin in both the Republic of Ireland and the UK, positive like for like growth in food and store and additional contribution from new sites across the Group's portfolio.
During the period it expanded its portfolio with 32 new sites, including 11 in the ROI, eight in the UK and 13 in the USA.
"We are very pleased to report another strong set of results for the first half of the financial year,” said Bob Ethcingham, Applegreen chief executive.
“This performance was underpinned 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."
Revenue for the period was up 21% to €672.5 million, while adjusted EBITDA was up 28% (31% on a constant currency basis).
The group invested around €29.8 in capex during the period, as it grew its estate by 32 sites to a total of 275 locations as of 30 June. Some 17 new food outlets were also opened.
© 2017 - Checkout Magazine by Donna Ahern