GLO.L Share News (GLO)

(Alliance News) - Power generation business ContourGlobal PLC remarked on Thursday that it has seen a "positive start" to 2021, after healthy revenue and profit growth.

ContourGlobal's net profit for the quarter ended March 31 tripled to USD9 million from USD3 million a year prior, boosted by earnings generated from its Western Generation portfolio acquisition completed in February.

Revenue for the quarter totalled USD427 million, a 20% year-on-year increase from USD356 million.

"We had a positive start to 2021," said Chief Executive Joseph Brandt. "The business has performed in line with expectations and the ongoing integration of our newly acquired 1.5 gigawatt assets in the US and Caribbean is progressing well. We continue to focus on growth with a robust pipeline of attractive opportunities."

ContourGlobal said its positive performance was underpinned by strong operating cash flows and 5% year-on-year growth in quarterly adjusted earnings before interest, tax, depreciation and amortisation.

The group left its guidance unchanged, predicting adjusted full-year Ebitda between USD770 million and USD800 million.

A quarterly dividend of 4.465 US cents per share has been declared, up 10% year-on-year.

Shares in ContourGlobal were up 1.7% at 196.27p in London on Thursday.

By Will Paige; willpaige@alliancenews.com

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