EG Group reveal 'strong' financial results for end of 2024

By Rob Kelly

27 Feb 2025

mohsin-issa-348x500.jpg

EG Group has announced a 'strong trading and operating performance' in 2024, alongside 'significant growth' in both the US and European divisions in its annual results.

 The group, founded by billionaire Blackburn brothers Mohsin and Zuber Issa, said its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by nine per cent to £782.7m.

 The company has also made progress in reducing its debt through 'non-core divestments' and 'working capital initiatives.'

  The results came in the year when Zuber Issa stepped down as co-chief executive and bought food-service locations and the firm's remaining forecourt businesses in a £228m deal.

 Mohsin Issa, now sole chief executive of EG Group, said: "2024 was another successful year for EG Group.

 "We grew full-year EBITDA by nine per cent on an underlying basis, with notable contributions from our USA and European businesses.

 "This excellent performance is a testament to the efforts and commitment of our 38,000 colleagues who continue to deliver great customer service across our grocery and merchandise, food-service and fuel propositions each day, as well as our financial and operational delivery.

 “We made significant progress with further reducing the quantum and price of our debt – bolstered by non-core divestments and the repricing of our EUR and USD term loans – and we are committed to further deleveraging in a disciplined manner.

 "The actions we took last year have positioned us for further growth and together with our extensive portfolio of assets in nine countries globally, will provide a platform for us to maximise future growth opportunities to further strengthen our position as a leading independent convenience and fuel retailer.

 "Looking ahead, we are well placed to progress as a business in 2025, and I look forward to working with our global team to deliver continued growth."

 For the fourth consecutive quarter, the group reported underlying earnings growth delivering a seven per cent increase in underlying EBITDA in Q4.

 It was driving by a positive in grocery and merchandise where gross profit rose 10 per cent due to the impact of market-based initiatives in EG America.

 The US and European divisions were key drivers of growth for EG Group, with the US seeing an eight per cent increase in underlying EBITDA in the fourth quarter and Europe seeing a 19 per cent rise.

  The group's US business, which includes brands like Cumberland Farms, Fastrac, Kwik Shop, and Quik Stop, delivered an underlying EBITDA growth of 17 per cent.

 In Europe, where it operates brands like GoFresh and partners with retailers like Carrefour, Louis Delhaize, and REWE, EG group saw a 12 per cent increase in underlying EBITDA with the region’s grocery and merchandise, foodservice and fuel business streams contributing to the gross profit growth

Enjoyed this? Read more from Rob Kelly

Latest news

1

MJV Solicitors announces Lanna Conboy as assistant solicitor Lanna Conboy

MJV Solicitors announces Lanna Conboy as assistant solicitor

02 Sep 2025

2

Eden Project Morecambe progress continues as site investigation work begins John Pye at the Eden Project

Eden Project Morecambe progress continues as site investigation work begins

02 Sep 2025

3

MGS Technical Plastics in running for seven awards MGS Technical

MGS Technical Plastics in running for seven awards

01 Sep 2025

4

Ultimate Visual Solutions (UVS) launches 'industry first' displays featuring integrated controllers Phill Whitehead UVS

Ultimate Visual Solutions (UVS) launches 'industry first' displays featuring integrated controllers

01 Sep 2025

5

Sowena Group adds firepower with two senior hires and heralds move to bigger office Gemma Quaye and Beth Harris

Sowena Group adds firepower with two senior hires and heralds move to bigger office

01 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Tri-Site Survey Equipment Showcase
Linkedin Cover.jpg.jpg
LBV Hub Seminars
03 Sep 2025 - 03 Sep 2025

Tri-Site Survey Equipment Showcase

Harewood House , Leeds, LS17 9LG

09:30 - 16:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

The Business Network Central & East Lancashire
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin