Euro Garages’ parent company EG Group has launched a proprietary branded ultra-fast electric vehicle charging proposition, EV Point, at the group’s flagship Frontier Park site in Blackburn.
It revealed that early trials have seen a significant percentage of EV customers completing purchases in the group’s foodservice, and grocery and merchandise outlets, while charging their vehicle, demonstrating the value created by EG’s multi-proposition site operations.
The news came as EG Group published a quarterly and half-year trading update for the period to June 30, showing group EBITDA for Q2 2022 remained consistent with the previous year, increasing by 0.2% to $381m on a constant currency basis.
On a reported basis, group EBITDA decreased by 6.5% to $355m year-on-year, which it said was primarily attributable to adverse foreign currency movements, alongside the impact of inflationary and cost-of-living pressures on customer behaviour.
Foodservice operations continued to grow, with gross profit increasing by 11% year-on-year to $177m, driven by the contribution of the group’s 2021 acquisitions and the pipeline of outlets opening across Continental Europe and UK&I regions.
It opened 33 Foodservice outlets in the quarter, bringing the total number of group outlets to 1,889.
Grocery & merchandise gross profit remained consistent despite inflation impacting retail prices and was broadly consistent with the prior year, increasing by 0.4% to $346m.
The group reported continued volatility around wholesale fuel costs, but fuel margins were flat on a quarter-on-quarter basis.
Zuber Issa, co-founder and co-CEO of EG Group, commented: “Despite a backdrop of challenging market conditions, we continued to perform resiliently in the second quarter of the year, supported by our geographically diverse portfolio and complementary foodservice, grocery and merchandise, and fuel operations.
“The cost-of-living squeeze remains front of mind for all of us, and the group is laser-focused on supporting our employees and helping customers with value for money at this time. EG’s robust performance over the quarter has demonstrated our adaptability, and while the economic outlook remains uncertain, we look forward to the second half of the year confident in our ability to outperform the wider market.
“Alongside acting as a responsible global convenience retailer, we recognise our role in contributing to a more sustainable future. We are pleased to be trialling our own-branded ultra-fast electric vehicle chargers in the UK and plan to introduce them to additional locations by the end of this year. This investment further supplements our existing network of approximately 250 electric charging points across 98 sites in the UK and Ireland, Germany and France. We also continue to explore the delivery of other low carbon fuels alongside our planned EV roll-out.
“Finally, we have announced today that Michael Bradley has been appointed as group CFO, replacing Paul Altschwager who is stepping down. I would like to thank Paul for his contribution and look forward to working with Michael who has broad expertise and experience across various business sectors.”
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