Applegreen gross profits up 20%
Applegreen’s half-year results show a rise in revenues and profits, as the forecourt retailer continues its advance in Ireland and the UK.
The Irish forecourt retailer’s accounts show a 20.4 per cent year-on-year increase in gross profits for the first six months of 2016.
The brand also reported “robust like-for-like growth in the Republic of Ireland in particular”.
Its estate also grew over the past six months, from 200 sites on 31 December 2015 to 220 as of 30 June 2016.
CEO Bob Etchingham said: “We are pleased to report another strong set of results reflecting our performance in the first half of 2016.
“Growth was particularly strong in the Republic of Ireland where our service areas and recent upgrades are well positioned to capture the demand from positive consumer sentiment.”
Speaking about the retailer’s performance in the UK, Mr Etchingham described it as a “more competitive environment”, which impacted growth in the early part of the year.
“We also noted a more cautious consumer in advance of the Brexit vote,” he added.
Two new service area sites and three petrol filling stations were opened in the Republic of Ireland, while the network of dealer sites expanded by nine during the period.
Applegreen’s UK site presence increased by seven, with an extra five petrol stations and two service areas, including the Motorway Service Area on the M1.
During the year, the M1 station also won the prestigious NACS Insight 2016 International Convenience Retailer of the Year Award.
“We also launched our new Freshii food offer, offering an attractive healthy alternative, and increased the number of our food outlets by 17 across the estate,” the CEO added.
In the six months to June 30th, revenue at the company rose 7.4 per cent to €556 million, while the group’s pretax profit more than doubled to €7.5 million.