Applegreen Plc announces its interim results for the six months ended 30 June 2017.
Adjusted EBITDA increased by 28% to €16.6m in H1 2017 from €13.0m in H1 2016 (31% on a constant currency basis)
20% increase in gross profit on H1 2016 (24% at constant currency)
Like for like growth of 10% in non-fuel gross profit (food and store) at constant currency
Revenue up 21% to €672.5m
Continued investment in the development of the network with capex for the period of €29.8m
Net debt position at 30 June 2017 of €33.2m (31 December 2016: €19.4m)
Maiden interim dividend of 0.60 cent per share (€0.5m)
Grew estate by 32 sites to 275 sites as at 30 June 2017 (31 December 2016: 243)
Opened 17 new food outlets in the period
Site expansion with Cross America underpinning USA development
In July 2017 we completed the acquisition of 50% of the Joint Fuels Terminal in Dublin port
Subsequent to the period end, we announced the proposed acquisition of the Brandi Group, a 42 site retail operation based in Columbia, South Carolina and the Carsley Group, a seven site forecourt retail operation based in the UK, both of which are expected to complete in Q4 2017
Bob Etchingham, CEO said: "We are very pleased to report another strong set of results for the first half of the financial year. This performance was underpinned by favorable fuel margins, very strong like for like growth in non-fuel revenues and margins together with continued investment in the expansion of the estate."
"A further 32 sites were added to the estate in H1 2017 and this investment activity has continued since the period end as we identify opportunities for growth across our three markets. We recently acquired a 50% interest in the Joint Fuel Terminal in Dublin Port and announced the acquisitions of the Brandi Group in the US and the Carsley Group in the UK."
"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. Overall, we remain confident in the prospects for the business in 2017." PWKD13092017