ContourGlobal remains 'resilient' despite 'unprecedented turbulence' in energy markets

ContourGlobal stated it performed ahead of the internal expectations during the first quarter, with revenue up 52.6% at $652.0m, and, as a result, confirmed its first-quarter dividend payment of USD 4.9115 cents per share, representing a 10% year-on-year growth, underpinned by "strong operating cash flows" and a 15.3% year-on-year growth in adjusted underlying earnings to $208.3m.

The FTSE 250-listed group said funds from operations reached $112.0m in the first quarter, a 9% increase year-on-year, mainly due to growth in adjusted EBITDA being partially offset by higher distributions to non-controlling shareholders and lower interest paid.

Contour added that its cash flows and overall business continued to be "well protected" from higher inflation, with 72% of adjusted EBITDA being inflation-protected and 88% of total debt having fixed interest rates, providing a significant hedge against rising interest rates.

Income from operations was 23.7% higher at $94.0m but net profits slipped 10.1% to $8.0m.

Looking forward, Contour Global said the outlook for the rest of the year was "favourable".

Reporting by Iain Gilbert at Sharecast.com