By Emily Hawkins
The Issa brothers’ EG Group has posted subdued profit for the second quarter, as the petrol station forecourt operator said “the cost-of-living squeeze remains front of mind for all of us.”
EG Group saw group EBITDA slump 6.5 per cent to $355m (£308m), for the three months to 30 June, it shared on Thursday.
The group said the dip was “primarily attributable to adverse foreign currency movements, alongside the impact of ongoing inflationary and cost-of-living pressures on customer behaviour.”
However, the company saw group revenue increase 23.7 per cent to $8.3bn (£7.2bn).
The firm, which is run by the billionaire duo who also own supermarket brand Asda, also announced that Michael Bradley would step into the role of group chief financial officer. Bradley will replace Paul Altschwager.
“EG’s robust performance over the quarter has demonstrated our adaptability, and while the economic outlook remains uncertain, we look forward to the second half of the year confident in our ability to outperform the wider market,” Zuber Issa CBE, co-founder and co-CEO of EG Group, said.
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