● Today the Company declares a second quarterly dividend for 2020 of 4.0591 USD cents per share or $27m, or 3.1077 pence per share, which will be paid on 25 September 2020 to shareholders on the register at 4 September 2020
● Including today's announced dividend, a total of $260m has been returned to shareholders since listing
● The Directors continue to expect to increase the dividend annually by 10%
Other financial highlights include:
● Continued strong financial performance, with income from operations increasing 11% to $158m from $143m in H1 2019, driven by the acquisition of the Mexican CHP assets, completed in November 2019
● Adjusted EBITDA of $351m down 2% from $357m in H1 2019, or +13%, excluding the $46m of net farm-down gains (cash gain on sale of minority interest in assets) in H1 2019. H1 2020 benefitted from an additional $46m arising from the acquisition of the Mexican CHP assets
● No meaningful impact on operations or financial performance has been experienced as a consequence of COVID-19
● Funds from Operations stable at $172m (H1 2019: $170m), a 49% cash conversion (48% H1 2019). The higher Adjusted EBITDA, excluding farm-down gains, was partially offset by increased distributions to minorities
● Ongoing share buyback, with £8m of shares bought back since 1 April 2020, reflecting the Board's view that the current share price does not reflect the intrinsic value of the Company
● Maintain guidance for 2020 of Adjusted EBITDA of $710 - 745m
