25th Oct 2021 07:58
(Alliance News) - ContourGlobal PLC on Monday maintained its annual guidance as it reported double-digit revenue growth in the first nine months of 2021.
The London-based power generation business said its operational performance remained strong in the first nine months of 2021. Adjusted earnings before interest, tax, depreciation and amortisation were up 14% to USD622.2 million from USD542.8 million a year ago, mainly reflecting the contribution from the Western Generation portfolio acquisition completed on February 18.
Revenue, meanwhile, grew by 46% year-on-year to USD1.48 billion from USD1.02 billion, as renewable production for the nine months to September 30 rose by 7.4% to 3,913 gigawatt hours and thermal production increased by 53% year-on-year to 11,644 gigawatt hours.
The FTSE 250-listed company said it will pay a dividend for the third quarter of 2021 of 4.465 US cents per share, unchanged quarter-on-quarter, but up from 4.0591 US cents paid a year ago. This is in line with the company's commitment to an annual 10% increase in dividend per share.
Looking ahead, ContourGlobal reiterated its guidance for 2021 adjusted Ebitda in the range of USD780 million to USD810 million and its intention to maintain its dividend policy of a 10% annual increase in dividend per share.
"We continue to focus on operationally led low-carbon growth opportunities in our key geographies and our pipeline of attractive opportunities remains robust," said Chief Executive Joseph Brandt.
Elsewhere, the company noted that it had two "unacceptable" health & safety failures in the third quarter: a fatality of one of its contractors at a wind farm in Brazil, and a lost time incident at one of its CSPs in Spain.
By Evelina Grecenko; [email protected]
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