EG Group ‘strong trading’ and profit growth driven by the US and Europe

The petrol forecourt said all of its business streams delivered growth in the full year to December 31, as underlying EBITDA rose 9% to $992m (£784m).

Grocery and merchandise gross profit increased by 7% to $1.26bn (£995m), but fuel saw a slight decline of 0.3% in gross profit. 

Its US business which consists of Cumberland Farms, Fastrac, Kwik Shop, and Quik Stop, produced a 17% growth in underlying EBITDA for the full year, driven by a “continued improved performance” from growth initiatives on product, fuel, customer engagement, and operating efficiencies.

Its Europe business, where EG operates proprietary brands such as GoFresh and partners with retailers Carrefour, Louis Delhaize and REWE, saw a 12% increase in underlying EBITDA.

In the three months to December 31, EG Group reported a 7% increase in underlying EBITDA and saw a 10% rise in gross profit in grocery and merchandise.

During the fourth quarter, the US recorded an 8% increase in underlying EBITDA, while Europe delivered a 19% rise.

EG Group chief executive Mohsin Issa said: “2024 was another successful year for EG Group. We grew full-year EBITDA by 9% on an underlying basis, with notable contributions from our USA and European businesses. This excellent performance is a testament to the efforts and commitment of our 38,000 colleagues who continue to deliver great customer service across our Grocery & Merchandise, Foodservice and Fuel propositions each day, as well as our financial and operational delivery.

“We made significant progress with further reducing the quantum and price of our debt – bolstered by non-core divestments and the repricing of our EUR and USD Term Loans – and we are committed to further deleveraging in a disciplined manner.

“The actions we took last year have positioned us for further growth and together with our extensive portfolio of assets in nine countries globally, will provide a platform for us to maximise future growth opportunities to further strengthen our position as a leading independent convenience and fuel retailer.

“Looking ahead, we are well placed to progress as a business in 2025, and I look forward to working with our global team to deliver continued growth.”