EG Group YTD revenue tops $23bn, debt falls to $9bn

Mohsin and Zuber Issa

Blackburn-based petrol station, restaurant and convenience store giant EG Group announced that its revenue increased 12.3% to $8 billion for the three months to September 30, 2022, and is up 19.9% to $23 billion for the year to date.

EG Group employs 50,000 people in the UK, Europe, United States and Australia.

Group EBITDA rose 2.1% to $437 million in the third quarter and is down 1% to $1 billion for the year to date.

EG Group’s net debt improved to $9.082 billion at September 30 from $9.403 billion at June 30.

EG Group co-founder and co-CEO Zuber Issa said: “We are pleased with the third quarter performance, which again proves the resilience of the group against the prevalent global uncertainty.

“During this period, the benefit of our geographic diversification was demonstrated as the performance of the US and Australian businesses offset the weaker UK trading, with significant cost headwinds in energy, labour and logistics costs that also impacted our other markets.

“Despite these macro-economic challenges, we continued to deliver against our strategic objectives by our ongoing investment in non-fuel retail, driving further innovation and cost efficiencies with our major brand partners and finally, strengthening our convenience store proposition with the ongoing roll-out of Asda ‘On the Move’ across our UK forecourt network.

“We have been hugely encouraged by the initial trial of our ultra-fast chargers and infrastructure, evpoint. Our disciplined rollout will see ultra-fast charging being made available at a further 20 EG sites by the end of this year and we are exploring a range of options to further accelerate this proposition.

“We are already seeing the benefits of combining EV charging infrastructure with our multi-service sites, which allow consumers to enjoy a meal or a cup of coffee, or shop for groceries while they wait for their car to charge.

“The continued hard work of our colleagues was critical in the last quarter, and we remain committed to supporting them, our customers and our communities during these challenging times.

“Looking ahead, we remain cautious about the macro-economic outlook, but are confident that we have a highly resilient business, which is well placed to outperform the wider market.

“Finally, I would like to congratulate Imraan Patel on his recent promotion, and welcome Michael Bradley as our newly appointed group CFO.

“Along with the rest of our senior leadership team, I believe the group has the necessary strategic leadership expertise and depth of operational experience to ensure we successfully traverse the economic challenges facing everybody.”