21st Jul 2020 10:28
(Alliance News) - Power generation firm ContourGlobal PLC said Tuesday it has shown "significant resilience" so far in 2020.
As a result, FTSE 250-listed ContourGlobal said it remains on track to meet its 2020 adjusted earnings before interest, taxes, depreciation, and amortization guidance of between USD710 million to USD745 million.
In 2019, ContourGlobal recorded adjusted Ebitda of USD703 million.
"ContourGlobal has shown significant resilience so far in 2020 as a result of the operational excellence, robustness of our business and financial model, and careful management of risk," Chief Executive Joseph Brandt said.
The power generation firm also noted it remains on track to meet its commitment of a 10% annual increase in dividend payouts. In 2019, ContourGlobal distributed four quarterly dividends of 3.6901 US cents, giving a total dividend of 14.7604 cents.
Brandt continued: "We remain in a strong position to continue to return value for the benefit of all stakeholders and I look forward to reporting on August 10."
ContourGlobal will issue its interim results on August 10.
For the first quarter - the three months to the end of March - ContourGlobal has already reported adjusted earnings before interest, tax, depreciation and amortisation of USD173 million, up 20% from USD144 million the same period the year before.
The company also confirmed that it will pay a dividend of 4.0591 cents per share for the first quarter of 2020.
Shares in ContourGlobal were trading 1.2% lower in London on Tuesday morning at 208.00 pence each.
By Paul McGowan; [email protected]
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