Share boost for Applegreen but Brexit fears loom

Shares in fuel retailer Applegreen rose more that 4% yesterday as it reported a 20% increase in profits for the year to the end of June, compared to the same period last year.

Chief executive Bob Etchingham warned that customers in the UK, an increasingly key market along with Ireland and the US, have become “nervous” because of Brexit.

Applegreen said it will continue to look at potential acquisitions in Ireland, the UK, and US, adding that an upturn in construction has been a boon to its foodcourt offering in the Republic, where it has a market share of around 15%.

Gross profits for the first half of the year were €82m, while revenue was up 21% to €672.5m. Earnings before interest, taxes, depreciation, and amortisation increased 28% to €16.6m.

Some 32 sites have been added to Applegreen’s stock in 2017, making 275 in total.

The firm said its Irish food offering had improved due to a rise in construction, while its UK profits improved due to a rebound in fuel margins.

Mr Etchingham said the firm would continue to “identify opportunities for growth across our three markets”.

He added: “We now have a good platform for growth in each of our three markets and are well positioned for the seasonally important second half of the year.”

In January, Applegreen paid €15.7m for a 50% stake in the Joint Fuels Terminal in Dublin Port, which it says will allow it to import fuel directly from refineries.

In July, Applegreen leased 42 sites in or close to the city of Columbia, South Carolina, including 34 petrol stations with 11 Burger King outlets. The company has stations in Long Island, New York, as well as New England.

Last month, it bought seven sites along the A1 motorway in the UK.


© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

Related Articles

Taoiseach to emphasise free trade with UK in meeting with Theresa May

Ireland will not be allowed to suffer because of UK's Brexit decision, EU negotiator

European Parliament's Brexit co-ordinator to meet Taoiseach in Dublin

Irish exporters tied to UK trade ‘need Brexit help’

More in this Section

Florida storm crops miss out

Staff shortages and Brexit threaten hotels boom

Expert: ‘Hybrid before electric’

PJ Carroll profits hit by black market


Breaking Stories

Tech stocks pull US market lower

Interim Project Eagle report submitted to Taoiseach

Shareholder tells Michael O'Leary to 'wear your sack cloths for a few weeks' over 'boo boo'

Google agrees $1.1bn deal to buy part of device manufacturer HTC

Lifestyle

Getting clean and lean: James Duigan on the simplicity of changing your food habits

Ask Audrey: You’re 9 on the Crazy Scale, where 1 is sane and 10 is flying with Ryanair

Get out and enjoy: What's on offer for Culture Night?

Upper crusts: Eight sourdough breads tested

More From The Irish Examiner