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EG Group posts 20% uplift in third quarter revenue

EG Group has seen its third quarter revenue jump by over 20% following a strong performance by its foodservice business. In the three months to 30… View Article

FOOD & DRINK

EG Group posts 20% uplift in third quarter revenue

EG Group has seen its third quarter revenue jump by over 20% following a strong performance by its foodservice business.

In the three months to 30 September, revenue climbed to $7.1 billion from $5.9 billion a year earlier.

Meanwhile, EBIDTA fell to $428 million from a previous $476 million as expected.

The company said grocery and merchandise sales continued to be resilient with increases seen across most regions as customers began to travel more following Covid-19 lockdowns.

Zuber Issa  and Mohsin Issa, co-founders and co-chief executives of EG Group, said: “We are pleased with the progress of the business over the past quarter. While all parts of EG Group made a good contribution, foodservice was the stand-out performer during the quarter, driven by strong customer demand for delivery, click and collect and the overall quality, range and locations of our foodservice outlets.

“Against a record-breaking comparative period last year, this quarter’s results are in-line with expectations and further validate EG Group’s vision of delivering a modern and compelling retail experience, to support our global growth strategy.”

During the period, the group acquired 52 KFC restaurants and, following the period end, announced a number of other acquisitions, including the Cooplands  bakery chain in the UK and the Sprint Food Stores convenience business in the US.

 

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