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07 Aug 2018 | 09:00

ContourGlobal first half profits fall but earnings growth ahead of schedule

Wholesale power generation businesses owner ContourGlobal said Tuesday profit before tax fell 34% but confirmed that it was ahead of its plan to double earnings by 2022.

For the six months ended 30 June 2018, pretax profit fell 34% to $6.9m from $10.4 a year earlier, revenue rose 16% to £535.4m and adjusted earnings (EBIDTA) rose 12% to $261.8m.

The increase in earnings was driven by higher earnings growth in both thermal and renewable earnings of 2% and 27% respectively. 'We are announcing strong first-half results, our first since our IPO last November, driven by continued excellent power plant operations in our thermal and renewable fleets as well as our recent acquisitions of renewable assets in Europe and Latin America,' said Joseph C. Brandt, President and Chief Executive Officer of ContourGlobal. Looking ahead, the company said it expected 2018 adjusted earnings (EBITDA) to be in the range of $600m to $630m for the full year. Post-period, the company confirmed that it had sold its minority stake in European PV portfolio at an attractive premium to cost.

The company declared an interim dividend of $26.6m, or 4.0 cents a share. At 9:00am: (LON:GLO) Contourglobal Plc Ord 1p Wi share price was +4p at 232p

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