Applegreen profit rises on fuel margins, store growth

Profit at forecourt retailer Applegreen rose in 2017, lifted by strong fuel margins, recent acquisitions and like for like growth in food and store.

The company increased its gross profit to €181.7 million, almost 25 per cent up on the previous year, while adjusted profit before tax was €24.6 million, 17.7 per cent higher. Revenue rose 21 per cent to €1.4 billion.

The firm said adjusted earnings before interest, taxation, depreciation and amortisation came to almost €40 million for the year, an increase of 24.4 per cent on the previous year. Adjusted earnings per share rose 10 per cent to €25.65.

Food and store sales were 3.9 per cent higher on a like for like basis, with non-fuel gross profit growing 7.4 per cent on a like for like basis at constant currency.

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Net debt at the end of December was €10.2 million, compared with €19.4 million a year earlier.

During the year, the company added 99 sites and now has 342 sites under its banner. Seventy-seven new food outlets opened during the year.

Acquisition

One of the biggest contributors to this growth was the acquisition of Brandi and Carsley sites, which were completed in October. In July, Applegreen also completed the acquisition of 50 per cent of the Joint Fuels Terminal in Dublin port.

The Irish business grew sales by 12.3 per cent over the year, with gross profit up 16.5 per cent.Like for like food and store sales rose by 4.6 per cent year on year, and the company added 22 sites to its estate here, including three service area sites, seven filling station sites and 12 dealer sites.

The UK, meanwhile, reported a 22.4 per cent rise in sales, with gross profit up by 19.7 per cent.

Chief executive Bob Etchingham said it was another strong set of results for the business. "We are confident in the prospects for the company in 2018 as our underlying business continues to perform well and we further evolve our growth strategy," he said.

“The significant acquisitions completed in 2017 are performing as expected and we are well placed to progress both our organic and acquisition led development plans in the coming year.”