Vivo Energy Q1 volumes up 7% as Energean provides boost

(Sharecast News) - Pan-African lubricant and fuel maker Vivo Energy said first quarter volumes rose 7% to 2.4bn litres due to good underlying growth in its existing Shell-branded markets, a contribution from new Engen-branded markets and additional sites in Kenya.In March, the one month of the new combined group, volumes were 13% higher year-on-year than Vivo Energy's standalone performance the previous year, the company said."With the full contribution from the new markets for the rest of 2019, we expect volume growth to be in line with full year guidance of low to mid double-digit percentage growth," the company said.First quarter gross cash unit margin of $69 per thousand litres was in line with full year guidance of high sixties per thousand litres (Q1 2018: $74 per thousand litres), after retail unit margins stabilised in the quarter due to an improvement in market conditions in our deregulated markets.Vivo said commercial unit margin benefited from good performance in its LPG and marine businesses, while lubricants margins began to recover, primarily due to the impact of pricing improvements in retail lubricants.