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LONDON (Alliance News) - RA International Group PLC on Wednesday paid its maiden annual dividend following solid growth in underlying profit.
RA International, which provides construction services in remote areas of Africa, will pay 1.0 pence per share to its shareholders for 2018.
Revenue in 2018 climbed 7% year-on-year to USD54.8 million, with underlying profit up 6% to USD13.3 million.
Including exceptional items, RA International's profit fell 20% to USD10.0 million, mainly due to costs related to its initial public offering during the summer of 2018.
The company made "strong" progress in all of its initiatives, it said, winning contracts from the likes of UNICEF, the United Nations in Somalia, and the UK Ministry of Defence in Oman.
RA International had a contract backlog of USD119 million at the end of 2018, from USD112 million before, and it is waiting on the outcome of "a number" of large bids.
Chief Executive Soraya Narfeldt said: "2018 was a year of progress for the group as we secured the additional funding required to achieve our strategic objectives and take our business to the next stage of growth.
"We are proud to have achieved a successful listing on AIM and look forward to creating value for our shareholders in the next phase of the business's development."
"The progress delivered during the year was underpinned by our focus on diversifying our geographic presence, strengthening our customer base and broadening the mix of services we offer our clients. As a result, we have been awarded significant contracts during the period, and are now well positioned to take on larger bids," she continued.
"The board believes the prospects for RA are as strong as ever and remains confident the group's momentum will continue throughout 2019 and we look forward to another year of progress."
Shares were 9.9% higher midday Wednesday at a price of 40.10 pence each.
