A strong full year and Q4 performance was driven by EG Group’s enhanced foodservice proposition following the acquisition of Leon and Cooplands Bakery last year.

Gross profit from the group’s foodservice operations increased by 99.9% year-on-year (yoy) and 66.9% on a like-for-like (lfl) basis. This growth has been driven by continued customer demand for ‘to go’ and delivery offerings, as well as more favourable trading condition, it said.

EBITDA for the group amounted to just under $1.5bn – an increase of 16.3%, or 15.2% on a like-for-like basis. Almost 60% of the UK & Ireland’s gross profit for the year was generated by its foodservice operations.

In Q4, group EBIDTA increased by 69.9% to $377m, with its foodservice operations achieving a gross profit increase of 75% yoy and 30% on a lfl basis.

The group opened 52 new foodservice outlets in the quarter, in addition to the acquisition of Cooplands Bakery (CS Food Group) which completed in October 2021.

Cooplands is the UK’s second largest bakery chain and EG Group is planning to expand the brand in the UK, including via its network of forecourts and retail convenience stores.

Zuber Issa CBE and Mohsin Issa CBE, co-founders and co-CEOs of EG Group, commented: “This excellent Q4 performance caps a transformational year for EG Group. The star performer for the year was Foodservice ‒ which remains the biggest long-term growth opportunity for the Group ‒ while our Grocery and Merchandise and Fuel businesses also demonstrated their resilience as pandemic-related restrictions continued to ease.

“In Foodservice, we not only continued to expand and invest in growing our partnerships with global brands, but we also made important acquisitions of proprietary businesses with the purchase of LEON, the naturally fast-food chain, and Cooplands, the UK’s second biggest bakery operator.”

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