EG Group reports rise in sales and earnings driven by expanding foodservice division
Blackburn-based petrol forecourts and retail operator EG Group has reported increased revenues and earnings for the year to December 31, 2021.
Its foodservice division was the star performer, where profits almost doubled, boosted by the acquisitions of restaurant business Leon and bakery chain Cooplands.
EG Group, founded by the Issa brothers, achieved total revenues of $26.511bn in the reporting period, up from $21.463bn in 2020.
Group EBITDA rose from $1.451bn to $1.248bn.
Its grocery and merchandise division saw a 10% rise in gross profits of $1.348bn, while fuel saw figures rise by 3.5% to $1.941bn.
However, foodservice almost doubled its profits from $305m to $609m.
Co-founders and co-CEOs, Zuber and Mohsin Issa, said: “This excellent Q4 performance caps a transformational year for EG Group.
“The star performer for the year was foodservice ‒ which remains the biggest long-term growth opportunity for the group ‒ while our grocery and merchandise and fuel businesses also demonstrated their resilience as pandemic-related restrictions continued to ease.
“In foodservice, we not only continued to expand and invest in growing our partnerships with global brands, but we also made important acquisitions of proprietary businesses with the purchase of Leon, the naturally fast-food chain, and Cooplands, the UK’s second biggest bakery operator.
“We look ahead to this current financial year with confidence to build on our strong foundations and growth platform.”
They added: “With many of our key geographies easing their COVID-19 guidelines, EG Group is extremely well positioned to deliver further progress and take advantage of the opportunities ahead.”