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ContourGlobal PLC on Friday said it was trading ahead of expectations in the first three months of 2022, despite ‘unprecedented turbulence’ and lifted its quarterly payout.
Shares were trading 1.2% higher at 191.92 pence each on Friday morning in London.
ContourGlobal's revenue for the quarter ended March 31 jumped 53% to $652 million from $427 million a year before. The London-based power generation firm explained that it started the year ‘positively’ with resilient trading.
It generated adjusted earnings before interest, tax, depreciation, and amortisation of $208 million, up 15% versus $181 million, boosted by the $837 million acquisition of combined heat and power assets in the US and Trinidad & Tobago from Wilmington, US-based Western Generation Partners LLC.
Further, its two natural gas-fired CHP plants in Mexico supported its Ebitda growth.
Net profit, however, dropped 10% to $8 million from $9 million.
ContourGlobal declared a quarterly dividend of $4.9115 per share, up from $4.465, reflecting an increase of 10%.
The FTSE 250 firm traded ahead of expectations in the quarter, underpinning its confidence in continued growth in dividends to shareholders.
‘Our diversified business remains resilient and well-positioned to perform well despite unprecedented turbulence in the global energy markets,’ Chief Executive Joseph Brandt said.
‘We performed ahead of the board's expectations during the quarter and I am pleased to confirm the first-quarter dividend payment of $4.9115 cents per share, representing a 10% year on year growth in line with our dividend policy,’ he continued.
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