Applegreen announces first pay-out as profit surges

Fuel retailer Applegreen has announced a first dividend since floating in the Dublin and London stock exchanges after reporting 16% rise in gross profit for 2016.

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Food services and the opening of more service stations in the UK, Ireland and U.S. have boosted Applegreen´s revenues by 9% to almost €1.18 billion, reports The Irish Times.

The company has announced its first pay out to shareholders since floating in the stock market in 2015, proposing a final dividend of 1.25 per share.

In 2016 Applegreen added 28 company locations and 15 dealer sites to reach a total of 243 sites, while gross profit rose by 16% to €145.8 million

“Our food and store sales were particularly strong in the Republic of Ireland during the year, while the UK had a good performance in the second six months,” said chief executive Bob Etchingham.

He also referred to the impact of rising oil prices on fuel margins, as well as the higher proportion of fuel card of the total fuel volume in Ireland. 

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