Sports

Applegreen suffers Covid-19 hit as revenue drops

Applegreen has seen revenue drop by over a quarter in the first six months of 2020 as a result of the Covid-19 pandemic.

The forecourt retailer saw revenue fall by 26.6 per cent in the first half of the year.

According to the company’s interim report, published on Friday, revenue fell to €1.1 billion compared with €1.5 billion the year before.

Applegreen’s group adjusted earnings before interest, tax, deprecation, and amortisation stood at €25.3 million. This figure was €58.9 million in the first six months of 2019.

Applegreen chief executive Bob Etchingham said: “The first half of 2020 has been an unprecedented period due to the Covid-19 pandemic and I am immensely proud of the tremendous efforts of our people in supporting our customers and local communities throughout this challenging period.

“Applegreen carried good momentum from last year and traded strongly for the first ten weeks of the year, however, we saw a sudden and significant impact on the business from mid-March, particularly in our motorway service areas.

“This was most pronounced in April and May, but volumes recovered well by the end of the second quarter. To help mitigate some of this impact, the group took swift and decisive action in managing our cost base and tailoring our retail offer for changing consumer needs.

“Encouragingly, this recovery has continued over the summer months with the further lifting of restrictions, Government stimulus packages and the staycation trend, all of which has improved traffic volumes.

“This performance further demonstrates the resilience of our business model and of our sector. We have learnt a lot during this crisis and are confident that we will emerge as a stronger organisation that is well positioned to benefit from future opportunities across all of our markets.”

Source:

www.breakingnews.ie

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