EG Group has reported a strong and “highly resilient perfomance” in the year to 31 December as its revenue increased by 25% to £27.6 billion.
The retailer’s earnings before interest and tax also increased by 1.9% to £1.2 billion, which was boosted by acquisitions including the takeover of OMV of 285 forecourts in southern Germany, taking the Goup’s site network to 6,612 by the end of the year.
Its grocery and merchandise performance was strengthened by EG Group’s UK partnership with Asda, which saw the 100th Asda On The Move convenience store launched last month.
Co-founder and co-CEO, Zuber Issa, CBE said that the collaboration with the Big 4 grocer is something “customers continue to respond positively to.”
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EG Group’s foodservice performance also saw strong growth, supported by an increase in outlets and 88 new openings across the year, despite a challenging trading environment and elevated operating costs.
Issa said the group helped to growth this through “disciplined investment in our unparalleled offering and ongoing innovation across proprietary and popular third-party brands.”
While fuel volumes for 2022 of 17.58bn litres declined by 0.5% on the year prior, the Group’s electric vehicle charging proposition, evpoint, opened its flagship location in the UK in August and by December, had a total of 21.
“In 2022, we delivered a highly resilient performance, despite macro-economic headwinds. We again made good progress in fuel against a highly competitive backdrop across our markets, and are encouraged by our ongoing trial of ultra-fast chargers and infrastructure, evpoint, in the UK, as part of our energy transition plans to lower-carbon fuels,” Issa said.
“Looking ahead, we remain confident that EG is well-positioned to continue to outperform the wider market and execute on our strategic objectives.”
This comes as earlier this week, Mohsin and Zuber Issa agreed on a $1.5 billion sale and leaseback deal across a proportion of EG Group’s US property portfolio.
The move will see 415 stores on the US east coast sold to property company, Realty Income, which represents around 15% of the Group’s property empire, and will lease the assets back for a $103m (£85m) annual rental fee.
