ContourGlobal hails record full-year performance

Power generation company ContourGlobal reported a record full-year financial performance on Friday as it said trading in the current financial year was ahead of the board’s expectations.

Full-year adjusted EBITDA rose 17% to a record $842m, with revenue up 53% to $2.15bn. The company said EBITDA was driven mainly by its acquisition of Western Generation and a strong performance from its power plant in Arrubal, Spain.

President and chief executive Joseph C. Brandt said: "The European power markets are experiencing unprecedented stress owing to Russia's invasion of Ukraine. Our European portfolio is highly diversified and this diversification is a source of robust resilience.

"We see significant opportunity in this market and believe the diversity of our global business is a source of risk mitigation underpinning our financial commitments including our dividend increases. Looking forward to 2022 and beyond, we remain confident and committed to creating value and delivering attractive risk adjusted returns for our shareholders."

The group said the current financial year has started "positively", with overall trading ahead of the board’s expectations.