June 14, 2024

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EG Group results reveal continued resilience through third quarter

In a trading update for the three months to 30 September 2022, the Blackburn-headquartered business, founded by brothers Mohsin and Zuber Issa in 2001, generated total revenue of £6.7bn, up from £5.92bn.

Growth was experienced across all of the company’s divisions, including fuel where gross profits surged from £426m to £533m, driven by rising oil prices globally.

EG Group said the increased profits, boosted by its US expansion, were largely offset by a “significant increase in our costs – with year-to-date overheads increasing due to labour, energy and logistics”.

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.

“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 rollout of Asda ‘On the Move’ across our UK forecourt network.”