7th Aug 2018 09:51
LONDON (Alliance News) - In its first mid-year results since its initial public offering last November, CounterGlobal PLC reported on Tuesday a positive operational and financial performance, boasting of strong cash flow generation and a robust balance sheet.
The wholesale power generation business said revenue in the six months to June increased 16% to USD535.4 million, from USD462.4 million a year before. Year-on-year, pretax profit was down 34% to USD10.4 million from USD6.9 million.
Chief Executive Joseph Brandt attributed the company's positive interim results to "excellent power plant operations in the thermal and renewable fleets" and to recent acquisitions in Europe and Latin America.
ContourGlobal recently acquired 250 power plants in south west Spain and 24 solar plants in Italy and Romania, with further projects in Togo, Brazil, Peru, Colombia and Austria.
Looking to the next half of the year, Brandt said: "We continue to see attractive growth opportunities in our core markets and expect to announce further acquisitions this year."
"We are pleased with the status of our pipeline and our substantial and accelerated progress towards achieving our IPO objective of doubling adjusted [earnings before interest, taxation, depreciation and amortisation] by 2022 without the need to issue shares or exceed target leverage" he added.
ContourGlobal declared an interim dividend of USD26.6 million or 4.00 cents per share. It said it continues to expect to increase the dividend by a high single-digit growth rate each year.
Shares in ContourGlobal were up 2.6% at 234.00 pence each in the FTSE 250 index on Tuesday morning.
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