ContourGlobal yet to see meaningful coronavirus hit, maintains dividend

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ContourGlobal yet to see meaningful coronavirus hit, maintains dividend

ContourGlobal PLC (LON:GLO) has maintained its quarterly dividend as the firm said it has yet to see a meaningful coronavirus (COVID-19) pandemic hit on its operations or financial performance.

The power generation group declared a dividend of 4.0591 US cents per share (3.1077p)  for the three months to June 30, 2020, in line with its target of 10% year-on-year payout growth.

READ: ContourGlobal maintains guidance and dividend policy

In the FTSE 250-listed group’s results statement, ContourGlobal president and chief executive Joseph C. Brandt said he remains positive on the company’s commitment to double underlying earnings (EBITDA) within five years of its initial public offering, which was in in 2017.

“Supplying all parts of the world with the electricity they need requires over US$1.5 trillion of annual investment over the next decade,” he said. “Most of this investment will be in renewable generation and low-carbon base-load generation such as natural gas and combined heat and power.”

In the six months to end June 2020, ContourGlobal’s revenue advanced by 10% to US$680mln, while EBITDA dipped 2% to US$351mln after US$46mln of farm-downs in Spain, Italy and Slovakia.

Shares advanced 1% to 203.61p on Monday in early trades.

–Adds shares–

Proactiveinvestors.co.uk

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