Applegreen share price rises three per cent, fuelled by 15 per cent revenue growth

 
William Turvill
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Applegreen has reported revenue of €1.1bn for 2015

The share price of Applegreen rose three per cent today after the petrol forecourt retailer reported a 15 per cent growth in revenue in the year it went public.

The figures

Ireland-based Applegreen reported a gross profit of €125.9m (£97.6m) in the year to 31 December 2015. This was up 30 per cent from €96.6m in 2014.

Applegreen revenue was up 15.4 per cent from €937.3m to €1.1bn.

Read more: Applegreen fills the tank with jump in revenue

The company reported profit before income tax of 13.9m, down from 14.9 in 2014. This was due to costs associated with its initial public offering.

On an adjusted basis, the firm reported earnings before interest, taxation, depreciation and amortisation (Ebitda) rose from €23m to €28.9m.

And adjusted profit before tax for 2015 was €17.7m, up 22 per cent from €14.5m.

Why it’s interesting

Applegreen made its debut in the alternative investment market (Aim) in June last year with a market value of around €300m.

Over the year, the company also grew its presence by increasing its number of sites from 152 to 200 across Ireland, the UK and United States.

Read more: City funds help fuel €300m listing of Applegreen

The company said its financial performance was driven by new site openings, which numbered eight in the UK.

In a note this morning, Shore Capital described the Applegreen results as "outstanding" and as "more than delivering on expectations".

Shares in Applegreen closed at 351p on Friday. Just before midday on Monday, they had risen by more than three per cent to 361.75p.

Applegreen Applegreen | mobile image

What Applegreen said

Bob Etchingham, chief executive:

In reporting our first full year results as a public company we are very pleased to announce a strong performance in 2015 with growth in both profitability and turnover delivered across each of the Republic of Ireland and the UK...

We have had a positive start to 2016, adding four Service Area sites and seven petrol filling stations to the estate and we continue to see good opportunities for green field and bolt-on expansion. Consumer sentiment is strong in both our key markets, particularly the Republic of Ireland, and we are confident that our distinctive retail offering in the forecourt sector will continue to deliver growth through 2016.

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