// EG Group profits and sales rise in the full year to December 31
// The group’s foodservice business made “good progress” and 88 new outlets opened in 2022
EG Group has praised its “successful foodservice business” as it reports a rise in profits and revenue.
The group, owned by the billionaire Issa brothers, recorded a “resilient performance” through its foodservice, grocery and merchandise, and fuel services despite a tough year that saw elevated operating costs.
In the full year to December 31, group EBITDA rose by 1.9% to £1.23bn while total revenue rose 25.1% to £27.7bn including recent acquisitions.
EG’s foodservice business is reported to have made “good progress” and 88 new outlets opened in 2022.
The group said its grocery and merchandise performance was strengthened by its UK partnership with Asda, which saw the 100th Asda On The Move convenience store launched last month.
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The company also reported its fourth-quarter results, which saw EBITDA decrease by 9% year on year to £270m. Total revenue grew 14.2% to £670bn.
EG Group co-founder and co-CEO Zuber Issa said: “In 2022, we delivered a highly resilient performance, despite macroeconomic headwinds. We continued to expand our successful foodservice business through disciplined investment in our unparalleled offering and ongoing innovation across proprietary and popular third-party brands.
“The grocery and merchandise business also performed well in 2022 and customers continue to respond positively to our converted Asda On the Move convenience stores.
“Looking ahead, we remain confident that EG is well-positioned to continue to outperform the wider market and execute our strategic objectives. I would also like to thank our colleagues for their dedication, hard work and resilience over the past year.”
