EG Group earnings up 48 per cent in 2020
EG Group has posted its year-end figures for 2020, showing an increase in EBITDA of 48 per cent, up beyond £900m.
The figures were boosted by acquisitions and are expected to rise again in 2021 with the integration of OMV Germany and supermarket giant Asda.
Total revenues declines slightly as the group's core focus, vehicle fuel and forecourt retail, were hit by the coronavirus pandemic and the government's stay-at-home orders. For the year, revenues were £14.7bn.
Mohsin Issa CBE, co-founder and co-CEO of EG Group, commented: "I am incredibly proud of EG’s strong performance in 2020, which is testament to the incredible dedication of our colleagues around the world, and demonstrates the resilience and diversification of our best-in-class business model. Despite the continued, unprecedented challenges of the COVID-19 pandemic, we have continued to provide an essential service to millions of customers in our global communities, while also delivering continued growth in our profitability.
"At the same time, the group has continued to take significant and proactive steps forward in its longer-term development. These include the recently announced OMV Germany and Asda forecourts acquisitions, which will further strengthen EG’s position in two of our key markets."
The group has also announced the appointment of Dame Alison Carnwath as a non-executive director and as chair of the audit committee.
Dame Alison is an experienced directors who has served on the board of companies such as BP, Friends Provident, Gallaher, Barclays and Man Group. She is currently chair of the audit committee at Zurich Insurance and BASF and a nonexecutive at Paccar, a Fortune 500 company listed on NASDAQ.
Stuart Rose, chairman of EG Group, said: "Alison is one of the most admired people in British business with an exceptional track record as a non-executive director of some of the UK’s leading companies. Her experience and expertise makes her an excellent addition to the board, and superbly well-placed to lead the group’s audit committee.
"I joined EG in January because the shareholders asked me to develop appropriate governance for a business of this scale and Alison’s appointment further underscores the group’s commitment to establish a best-in-class governance model.”
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