LONDON (Alliance News) - Applegreen PLC on Monday reported a slight fall in profit in 2015, despite a rise in revenue in its first full year since listing on AIM, and it said it is confident of delivering growth in 2016.
The Dublin-based petrol forecourt retailer said its pretax profit in 2015 dipped to EUR13.9 million from EUR14.9 million in 2014, even though revenue grew to EUR1.08 billion from EUR937.3 million.
While gross profit rose to EUR125.9 million from EUR96.6 million, selling and distribution costs rose to EUR86.1 million from EUR63.9 million and administrative expenses jumped to EUR24.3 million from EUR16.2 million.
The company listed on AIM last June.
Applegreen said revenue growth was driven by new site openings at the end of 2014 and early 2015, as well as by an increased contribution from food following an upgrade and rebrand programme. As at December 31, Applegreen had 200 sites in its estate, up from 152 at the end of 2014.
"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," Chief Executive Bob Etchingham said in a statement.
Shares in Applegreen were untraded at the open on Monday at 358.00 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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