Applegreen reports 12% jump in sales across station network

The company behind service station operator Applegreen has reported a 12 per cent increase in sales for last year despite "tough trading conditions and tightening fuel margins".

Publishing its annual results for 2013, Petrogas Global, which operates 92 service stations in Ireland, including eight motorway service areas, said turnover rose to €804.5 million last year from €717.3 million the previous year.

At the same time, pre-tax profit at the group rose to €10.1 million from €5.8 million in 2012.

The company said a successful re-financing of group legacy debt has enabled “a refocus on growing business”.

During the year, Petrogas refinanced its debt with Lloyds, repaid mezzanine debt and successfully purchased legacy debt from the liquidators of IBRC, formerly Anglo.

New long-term senior facilities were drawn down from Ulster Bank and AIB.

As of the end of last year, gross assets were valued at €168.3 million, up from €151.8 million in 2012, and shareholders funds were €44.4 million, up from €33.4 million the previous year.

Chief executive Bob Etchingham said: "The trading performance in 2013 was particularly commendable given the tough competitive environment in both Ireland and the UK and tightening fuel margins in the second half of the year."

“The successful refinancing of the group’s legacy debt was a significant milestone in that it enabled us to re-focus on growing the business. We accelerated a number of initiatives while maintaining the rigorous discipline we have followed in recent years.”

“This enabled us to build out our estate and during the year we acquired our 100th site. The momentum of 2013 has carried through to 2014 as we have continued to expand in Ireland and the UK and we have now established a foothold in the US,” he said.