19th Mar 2021 09:55
(Alliance News) -Â Power generation business ContourGlobal PLC remarked on Friday on its "resilience" in the face of the pandemic as it posted a rise in full-year profit.
Revenue for 2020 rose 6% to USD1.41 billion while pretax profit rose 22% to GBP72.3 million from GBP59.4 million.
Despite the pandemic, the company said it delivered "very strong" results for 2020 and met its financial commitments.
Revenue was boosted by the full-year inclusion of the acquisition of the Mexican CHP assets bought in November 2019, while revenue also got a lift from its wind assets in Brazil.
"Our performance across the business was strong and continued to meet our growth expectations despite the unprecedented challenges experienced during the pandemic. Our results underscore the resilience of our operating model and the contracted nature of our cash generation, enabling us to continue to deliver a robust and growing dividend to shareholders," said President & Chief Executive Joseph Brandt.
The company declared a fourth quarterly dividend of USD26.6 million, or 4.0591 cents per share. This dividend reflects the group's target of 10% year-on-year dividend growth, supported by its strong cash flow generation, and means it expects to pay out a total of USD107.5 million in dividends for 2020.
Brandt added: "We remain positive about our growth and ability to capitalize on operationally led opportunities, whether in renewables, flexible natural-gas or high-efficiency cogeneration plants."
Shares in ContourGlobal were up 0.5% at 205.11p in London on Friday.
By Lucy Heming;Â [email protected]
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