EG Group has blamed lower fuel volumes for an 18% drop in profit.

The petrol station group, which is controlled by Mohsin and Zuber Issa who also own a majority stake in Asda, posted earnings before interest, taxes, depreciation, and amortisation (ebitda) of $345m (£271.6m) for the three months to the end of September.

Total revenue also dipped from $8m (6.3m) from the same period last year to $7.5m (£5.9) this year.

The group owns 671 sites across the UK and Ireland, employing more than 13,000 people.

Fuel prices have fallen of late after watchdog the Competitions and Markets Authority (CMA) forced retailers to provide live pricing data after they were found to have increased prices for both diesel and petrol to unnecessarily high levels, with Asda found to have tripled its margins on fuel since before the CV19 pandemic.

FTSE 100

The UK's flagship share index, the FTSE100, was up five-points at 7,429 shortly after opening this morning.

Meanwhile, Brent crude futures were up 0.41% at $83.22 a barrel this morning.

Companies reporting today

Dr Martens – Half year results

LXI REIT – Half year results

ME Group International – Q4 trading statement

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