Power generation business Contourglobal said on Monday that it had “performed well” financially in the three months ended 30 September, leading the group to up its third-quarter dividend payment by 10% year-on-year.
Contourglobal declared a third-quarter dividend payment of 3.23p cents per share, in line with its dividend policy, with the increase underpinned by “strong operating cash flows” and a 14% year-on-year growth in year-to-date adjusted underlying earnings to $622.0m.
Year-to-date cash flow generation also improved, with funds from operations growing 11% to $349.0m and cash conversion broadly flat year-on-year at 56%.
However, despite the financial improvements, Contourglobal stated that it had two “unacceptable health and safety failures” in the third quarter, with the group experiencing a fatality of one of its contractors at a wind farm in Brazil, the company’s first in nine years, and a lost-time incident at one of its CSPs in Spain.
As a result, Contour’s average availability factor fell to 93.9% for the first nine months of the year, down from 94.6% twelve months earlier.
As of 0855 BST, Contourglobal shares were up 1.13% at 198.62p.
