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Prices & Quotes - UK Markets - Vivo Energy (VVO)

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Share Price:
Down 98.70p
Change Today:
-0.80p
Market Cap:
1,250.47m
Sector:
General Retailers

Engen deal boosts Vivo Energy in first half

By Josh White

Date: Thursday 01 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Africa-focussed downstream petroleum company Vivo Energy reported an 8% improvement in sales volumes year-on-year for its first half on Thursday, which it said was primarily due to the volume contribution of Engen-branded markets.
The FTSE 250 company said Shell-branded volumes were ahead 1% in the six months ended 30 June, due to lower retail volumes and commercial segment cyclicality.

Revenues were up 6% to $3.9bn (3.22bn), while the firm's gross profit was ahead 2% at $318m, which the board said was driven by higher volumes, partially offset by a lower gross cash unit margin in the period.

Its gross cash unit margin fell to $70 per thousand litres from $74 year-on-year, which was expected, and was said to largely be due to retail margins in Morocco, partially offset by a positive contribution from Engen-branded markets.

Adjusted EBITDA was 4% higher at $212m, with EBITDA rising 13% to $200m.

The company's adjusted diluted earnings per share totalled 5.9 US cents, which was below the first half of 2018, due to lower adjusted net income as a result of increased net finance expenses and its effective tax rate, as well as a higher minority interest.

Diluted headline earnings per share fell to 4.8 cents from 5.3 cents.

The board declared an interim dividend of 1.1 cents per share, up from 0.7 cents for the same period last year, which was in line with its policy.

Vivo Energy's net debt-to-adjusted EBITDA ratio increased to 1.12x as at 30 June, due to the timing of working capital movements.

On the strategic front, the company reported "good" health, safety, security and environment (HSSE) performance, with a total recordable case frequency of nil for the period.

It further expanded its retail network by opening a net total of 41 new retail service stations and 50 new non-fuel retail offerings.

The firm said it had successfully implemented 'SAP S/4 HANA' enterprise resource planning system in 13 countries over three waves, with the last two Shell-branded countries due to come on stream in the third quarter.

It also agreed a non-fuel joint venture with Kuku Foods East Africa Holdings - the owner of KFC franchises in East Africa - to accelerate the roll-out of KFC restaurants in Kenya, Uganda and Rwanda, with expected completion in the second half of the year.

Initiatives to improve cost efficiencies and reduce operating expenditure were ongoing, the board added.

"We have continued to drive our business forward during the half-year and delivered resilient financial results," said Vivo Energy chief executive officer Christian Chammas.

"Volumes grew by 8% to 4.985 billion litres, with lower volumes in certain Shell-branded markets being offset by the impact of the new Engen markets, following completion of the transaction in March.

"We were pleased to see gross cash unit margins stabilise at $70 per thousand litres for the period, broadly in line with how we finished 2018 and above the average of the first quarter."

Chammas said that as a result of the "resilient" financial performance, the board's interim dividend was amounting to 1.1 cents per share, in line with Vivo's dividend policy.

"Looking to the rest of the year we remain on track to achieve our expectations and are excited by the opportunities that we face across our expanded market footprint."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Vivo Energy Market Data

Currency UK Pounds
Price 98.70p
Change Today -0.80p
52 Week High 109.00p
52 Week Low 67.50p
Volume 793,490
Shares Issued 1,266.94m
Market Cap 1,250.47m

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 6
strong_buy
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Vivo Energy Dividends

  Latest Previous
  Final Interim
Ex-Div 27-May-21 19-Nov-20
Paid 25-Jun-21 18-Dec-20
Amount 3.79¢ 2.65¢

Trades for 22-Jun-2021

Time Volume / Share Price
16:35 249,977 @ 98.70p
16:29 566 @ 98.60p
16:29 1,250 @ 98.60p
16:29 841 @ 98.80p
16:29 19 @ 98.80p

Vivo Energy Key Personnel

Chair John Daly
CEO Christian Chammas
CFO Douglas Lafferty