Applegreen profits increase by 63%

Irish petrol station operator and forecourt retailer Applegreen has reported a bumper year with both revenue and profitability comfortably surpassing 2012 levels.

On the back of continued expansion in Ireland and the UK, as well as its first foray into the US market, Petrogas Global — under the Applegreen brand — saw profits soar 63% in 2013 while revenues climbed by more than 10%.

Turnover in 2013 totalled €804.5m, with operating profit rising to €10.6m and pre-tax profit to €10.1m.

Commenting on the company’s strong results yesterday, Petrogas chief executive, Bob Etchingham said the trading performance was particularly encouraging given the tough competitive environment in both Ireland and the UK and tightening fuel margins.

“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 established in the US,” said Mr Etchingham.

Petrogas also refinanced debt it held with Lloyds Bank, repaid mezzanine debt and successfully purchased legacy debt from the liquidators of IBRC. It also drew down new long-term senior debt facilities from Ulster Bank and AIB.

The company operated 75 service stations in Ireland and 42 in the UK at the end of 2013, figures which have now risen to 95 and 53, respectively, to date this year. It also opened its first two US stores in Long Island, New York.