Applegreen service station group enjoys profits hike
Service station giant Applegreen has reported a 22% increase in its pre-tax profits to €17.7m (£13.7m), just a week after opening its latest branch outside Lisburn.
The M1 station is Northern Ireland’s second motorway Applegreen.
The Irish business opened its first motorway site here last year with a £6.25m complex at the M2 between Glengormley and Templepatrick.
An identical station will be built directly across from its existing premises on the northbound carriageway of the M2, opening before the end of 2016.There will also be another site on the opposite side of the M1 in Lisburn, meaning the firm will have twin service areas on both motorways.
The company also bought over a garage in Coleraine, and opened a petrol filling station in Ballymena. Applegreen is the Republic of Ireland’s largest independent forecourt retailer.
Last year the chain grew to 200 sites, up from 152 in 2014. The firm’s earnings before interest tax depreciation and amortisation rose 26% to €28.9m (£22.4m) while its gross profit jumped 30% year on year to €125.9m (£97.5m).
Applegreen had its initial public offering in June and raised €66.3m (£51.3m) in primary capital from it.
The company had a net debt of €4.7m (£3.64m) at the end of the year in which its revenue increased 15% to €1.08bn (£0.84bn).
Applegreen chief executive Bob Etchingham said the company’s performance in 2015 was “strong”, with growth in both profitability and turnover.