Source - SMW
Applegreen - a  major petrol forecourt retailer in Ireland with growing presence in the UK and US - reports a pre-tax profit of €7.5m for the six months to the end of June, up from €3.02m last time.

Revenues rose by 7.4% to €556.0m and adjusted EBITDA increased by 15.0% from €11.3m in H1 2015 to €13.0m in H1 2016 (24.2% before FX gains and losses).

Chief executive Bob Etchingham said: "We are pleased to report another strong set of results reflecting our performance in the first half of 2016. Growth was particularly strong in the Republic of Ireland where our Service Areas and recent upgrades are well positioned to capture the demand from positive consumer sentiment. 

"In the UK, a more competitive environment impacted growth in the early part of the year and while this abated, we also noted a more cautious consumer in advance of the Brexit vote.

"We continued to expand our business in the six months opening two new Service Area sites and adding three petrol filling stations in the Republic of Ireland. We also expanded our network of dealer sites by nine during the period. 

"In the UK, our site numbers increased by seven comprising five petrol filling stations and two Service Areas including our award winning Motorway Service Area on the M1 South of Belfast.  We also launched our new Freshii food offer, offering an attractive healthy alternative, and increased the number of our food outlets by 17 across the estate.

"The decision by the UK public to exit the EU took place in late June so had no significant impact on the figures for the six months. Looking to the future, the lower Sterling:Euro exchange rate will obviously impact on our consolidated figures but otherwise it is too early to assess what impact the decision will have on our business.

"Trading since the end of June has been positive and has shown improvement particularly in the UK. Apart from the impact of the weaker Sterling on the translation of our earnings, we expect our full year performance to be in line with expectations." 

At 9:15am: (LON:APGN) Applegreen Plc share price was +5p at 392.5p

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