Forecourt retailer Applegreen has announced a positive start to the financial year with trading results continuing to improve on the prior year.
In a trading update released today (June 6) ahead of its AGM, the group, with operations in Ireland, the UK and the US, added that severe weather in March affected business across all its markets, but particularly in Ireland. Recent increases in the price of international fuel also offset profits.
Continued Investment
During the year the group invested in its portfolio by adding 24 sites under its banner since the end of 2017, seven of which were set up in the Republic of Ireland. Two of the new sites in the Republic of Ireland were Service Areas.
Ahead of the AGM, Applegreen chairman, Daniel Kitchen, said, “We are delighted to build on our existing relationship with CAP given our continued focus on expanding our operations in the US market.
“We believe this transaction provides us with the ability to leverage our operational expertise and enhance the retail offering at these locations. It also further increases our footprint in the south-east following our successful acquisition of the Brandi Group in South Carolina last October.”
The forecourt retailer recently announced that its revenues in the Republic of Ireland increased by 12.3% and gross profit increased by 16.5% for the year ended 31 December 2017.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
