Industry & Business

Applegreen’s half yearly revenues up 16%

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Applegreen’s half yearly revenues up 16%

Applegreen’s half yearly revenues up 16%
September 14
09:28 2015

Today’s results are the company’s first as a stock listed firm.

The company said its like-for-like profit margin on fuel was 3% lower over the first six months of the year than in the same period of 2014 as the benefit of falling input prices was offset by dollar strength – crude oil is traded in dollars.

Applegreen opened 23 new outlets in the UK and Ireland over the six month period and it now has a total of 175 petrol stations in Ireland and the UK.

It said that since the end of June, it has continued to develop its portfolio and opened seven new sites in Ireland, including two new service areas in North Dublin and Kerry. A further two sites were added in the UK.

“Overall trading has been in line with expectations,” the company said.

“The group has delivered a strong performance in the first half of 2015 reflecting the positive contribution from site openings in the latter part of 2014 and the increased contribution from food driven by our upgrade programme,” commented Applegreen’s chief executive Bob Etchingham.

“Growth was evenly spread across both the Republic of Ireland and the UK, with the latter’s contribution also benefiting from the strength of sterling against the euro during this period,” he added.

Applegreen said that half yearly revenues in the Republic of Ireland increased by 12% and gross profit increased by 25%. Like for like store and food sales increased by 5% and like for like gross profit increased by 7%.

Fuel gross profit increased by 15% with a like for like margin decrease of 3% due to euro fuel price volatility. It also opened 16 new outlets here in the six month period.

In the UK, Applegreen said its revenue increased by 21% while gross profit increased from €9.6m in the first half of 2014 to €15.6m in H1 2015.

Like for like stores and food sales increased by 5% on a constant currency, while like for like store and food margin increased by 16%. Fuel gross margin increased by 37% and like for like figures recorded growth of 14%.

The company opened its first motorway service area in Northern Ireland just north of Belfast. Four other petrol filling station sites were added in the UK of which two were in the London area.

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