ContourGlobal reveals double digit revenue growth this year
By Rob Griffin
13:31, 25 October 2021
ContourGlobal, the operator of wholesale power-generation businesses, has revealed it enjoyed double-digit revenue growth this year.
In a trading statement, the London-based company announced its revenue hit $1.48m for the nine months to the end of September – up 46% on the previous year.
It has also approved a quarterly pay-out of 4.465 cents per share, equivalent to $29.3m, reflecting the group’s target of 10% year-on-year dividend growth.
Strong cash flow
The company said the dividend, which will be paid on 19 November 2021, had been supported by its “strong and predictable” cash-flow generation.
It also reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) had increased by 14% to $622.2m from $542.8m for the corresponding period in 2020.
Co-founder, president and chief executive Joseph Brandt said the business had “performed well financially” during the quarter.
“We continue to focus on operationally led low-carbon growth opportunities in our key geographies and our pipeline of attractive opportunities remains robust,” he said.
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Health-and-safety concerns
Brandt also insisted the health and safety of employees and contractors was the company’s highest goal as he reflected on a couple of incidents.
“We had two unacceptable health-and-safety failures in the third quarter: a fatality of one our contractors at a wind farm in Brazil, our first in nine years,” he said.
The company also reported a ‘lost-time incident’ at one of its concentrated solar-power plants in Spain. “We will learn from these failures and improve, and recommit to Target Zero,” he added.
Read more: Renewable energy sector grows to meet world net-zero targets
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