Forecourt operator Applegreen has posted like-for-like revenue growth of 5.7% for its fuel business, and 3.3% growth for its non-fuel operations, in full-year 2018.
The company reported that group revenue was up 42%, to €2.0 billion, for the year, on a constant-currency basis.
Adjusted EBITDA was up 46%, to €58.1 million.
Strong Results
"We are delighted to announce another strong set of results for Applegreen," commented Applegreen chief executive Bob Etchingham.
“The performance was driven by ongoing expansion of our estate, positive like-for-like growth, despite weather-related disruption and strong fuel margin performance, particularly in the fourth quarter of the year," added Etchingham.
On the group’s Welcome Break business, of which it acquired control last year, Etchingham added that the deal is “transformational” for Applegreen, and “gives us an excellent platform to develop our service area business in the UK market”.
Analyst Viewpoint
Commenting on its performance, Darren Shirley of Shore Capital said, “FY2018 was a transformational year for Applegreen, with the acquisition of a controlling stake in the UK’s Welcome Break the key feature of a year that also saw another step change in the scale of the US store network.
“Whilst corporate activity was considerable, we applaud management for not becoming distracted, with today’s FY2018 results demonstrating good progress in the group's core activities across the RoI, the UK and USA, and robust LFL growth delivered, despite weather-driven headwinds to volumes and mix,” added Shirley.
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