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EG Group revenues soar 57.7% in Q2

The group also revealed that following the completion of its Leon acquisition, it intends to open approximately 10 of the fast food restaurants in 2021

Blackburn-based retail giant EG Group saw total revenues soar 57.7% year-on-year to $6.51bn (£4.75m) in Q2 FY21.

The new Asda owner also reported a 23.7% growth in group EBITDA, up from $307m (£224m) in Q2 FY20 to $380m (£277m) this year.

The Issa brothers’ global company continued to gain the majority of its gross profit from its fuel services, which increased 9.1% year-on-year to $478m (£349m) in the three months ended 30 June 2021.

However, the group extended its offerings during the period, with gross profits at its grocery and merchandise arm climbing 23.7% to $351m (£256m) and its foodservice businesses spiking 231.4% year-on-year to $153m (£112m).

EG Group also revealed that following the completion of its Leon acquisition, it intends to open approximately 10 of the fast food restaurants in 2021.

Zuber and Moshin Issa, co-founders and co-CEOs at the company, said: “The group’s latest performance is further validation of our successful global strategy.

“We continued to make good progress in the second quarter, with a particularly strong performance from our foodservice business, driven by growth in customer demand for takeaway and delivery services and the easing of Covid restrictions across many of our countries.”

They added: “We are also pleased to have completed the acquisition of Leon Restaurants and look forward to expanding its offering with c.10 new restaurant openings planned this year, including the brand’s first ever drive-thru.

“The resilience of our business model has been demonstrated during the pandemic, and we have emerged as an even stronger business as we enter the second half of the year with confidence.”

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