(Alliance News) - ContourGlobal PLC on Friday said it was trading ahead of expectations in the first three months of 2022, despite "unprecedented turbulence" and lifted its quarterly payout.
Shares were trading 1.2% higher at 191.92 pence each on Friday morning in London.
ContourGlobal's revenue for the quarter ended March 31 jumped 53% to USD652 million from USD427 million a year before. The London-based power generation firm explained that it started the year "positively" with resilient trading.
It generated adjusted earnings before interest, tax, depreciation, and amortisation of USD208 million, up 15% versus USD181 million, boosted by the USD837 million acquisition of combined heat and power assets in the US and Trinidad & Tobago from Wilmington, US-based Western Generation Partners LLC.
Further, its two natural gas-fired CHP plants in Mexico supported its Ebitda growth.
Net profit, however, dropped 10% to USD8 million from USD9 million.
ContourGlobal declared a quarterly dividend of USD4.9115 per share, up from USD4.465, reflecting an increase of 10%.
The FTSE 250 firm traded ahead of expectations in the quarter, underpinning its confidence in continued growth in dividends to shareholders.
"Our diversified business remains resilient and well-positioned to perform well despite unprecedented turbulence in the global energy markets," Chief Executive Joseph Brandt said.
"We performed ahead of the board's expectations during the quarter and I am pleased to confirm the first-quarter dividend payment of USD4.9115 cents per share, representing a 10% year on year growth in line with our dividend policy," he continued.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.