Applegreen announces its first dividend payment

Its network continues to grow...

Applegreen announces its first dividend payment

Applegreen / Facebook

Applegreen, the fuel and convenience food operator which floated on the stock market less than two years ago, has announced increased profitability and further expansion of its forecourt network in Ireland and abroad during 2016.

The company has proposed its first final dividend payment of 1.25c per share.

For the year to December, EBITDA or trading profits, increased by 11% to €32m on sales which rose by 9% to just under €1.2bn.

That performance was achieved despite the impact of lower sterling profit translation from the UK and reduced margins on fuel prices due to rising oil prices in the second half of the year.

Applegreen grew its network of forecourts to 243 by the end of the year by adding 43 company and dealer-owned sites. Another 12 sites have been added in 2017 to date.

During 2016, fifteen additional sites were added in the UK including the first motorway service area, while the group expanded from its Long Island New York base to expand up the coast into New England following a nine-site deal with CrossAmerica Partners.

The company's chief executive Bob Etchingham said the Applegreen's food sales were particularly strong in Ireland.

He outlined the effect that Brexit has had on its trading: "The UK's decision to exit the EU has resulted in a weaker sterling which has impacted on the consolidated euro results for the company. To date this decision has had no further impact on the business."