EG Group hails ‘resilient’ first quarter performance
EG Group has posted a 2% increase in first quarter EBITDA to $270 million following a strong performance at its foodservice business where gross profits rose by 54%.
In a statement, the group said the division was boosted by UK acquisitions from 2021 and the ongoing rollout of new sites.
In the three months to 31 March, grocery and merchandise gross profits of $293 million were broadly in line with a year ago despite rising wholesale and goods distribution costs.
Meanwhile, fuel gross profits for the quarter increased by 16%.
Looking at group revenue, this climbed by 25.1% to $6.9 billion in the period.
EG Group is owned by the Issa brothers who also own the Asda supermarket chain.
Zuber Issa said: “EG Group performed resiliently in the first three months of the year. Against an uncertain and fast-changing backdrop, the business continued to make good progress against its strategic objectives across the group’s operations.”
Looking ahead to the remainder of the financial year, Issa said it remains uncertain due to household budgets being under pressure.
He added: “We remain confident that the geographic diversity of our business and our highly complementary grocery and merchandise, foodservice and fuel operations will continue to underpin our resilience and allow us to outperform the wider market.”
