Applegreen reports ‘resilient’ first half performance
Applegreen, the roadside convenience retailer, has said it put in a resilient performance in the first half of 2020 despite the impact of Covid-19.
In the six months to 30 June, group revenue dropped by 26.6% to €1.1 billion as lockdown restrictions impacted trade. Group adjusted EBITDA was also down, falling to €25.3 million from €58.9 million in the same period last year.
The company said Covid-19 affected trade in all of its markets after strong trading in the first ten weeks of the year, although it has seen an ongoing recovery since April. Applegreen’s Welcome Break business performed particularly well in the second quarter with the improvement continuing into the second half. The business is now trading ahead of management’s expectations.
Bob Etchingham, Applegreen chief executive, said: “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 demonstratesthe 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.”
