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ContourGlobal announces dividend increase of 10% in line with their dividend policy

Investment Tools Ltd.
ContourGlobal announces dividend increase of 10% in line with their dividend policy

ContourGlobal have proposed quarterly dividend of USD 3.6901 cents per share, equivalent to $24.75 million, reflecting their commitment to 10% year on year dividend growth supported by ContourGlobal's strong and predictable cash flow generation. 

Other financial highlights include:

Consolidated revenue growth of 15% to $617.4 million.

Income from operations up 27% to $142.6 million.

Adjusted EBITDA up 36% to $357.2 million.

Good progress in regards to achieving their target of doubling Adjusted EBITDA by 2022.

Sale of 49% of our 250 MW Concentrated Solar Power portfolio in Spain ("CSP") for a final consideration of €134million completed in May 2019, which contributed $52 million to H1 2019 Adj. EBITDA.

Subsequent to the end of the half year, €100 million of aggregate principal amount of our 4.125% senior secured notes due 2025 were issued at 106.0 % of par, corresponding to a yield to maturity of 3.024%.

Acquisition of two natural gas-fired combined heat and power plants ("CHP") in Mexico expected to close in the third quarter of 2019 and to generate $110 million of Adjusted EBITDA on a full year basis.

Reflecting the timing of the closing of the CHP acquisition, we expect 2019 Adjusted EBITDA to be in the lower half of our previously communicated guidance of $720-770 million for the full year at constant foreign exchange rate

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