- Africa-focused fuel retailer Vivo Energy posted a 13% rise in annual profit, as it sold higher volumes of petrol.

The company, however, warned of margin pressure in 2019 amid tougher market conditions in Morocco.

Net profit for the year through December increased to $146m, as sales volumes rose 4% to 9.35bn litres.

Vivo Energy declared a final dividend of 1.3c per share, bringing the full-year dividend to 1.9c.

'In 2019, we expect to build further on the good momentum from 2018, delivering low to mid double-digit percentage volume growth from a combination of organic growth across our existing markets and the integration of the newly acquired Engen operations,' the company said.

'Based on current market conditions in Morocco and a more conservative outlook in the commercial segment we expect to achieve a US dollar gross cash unit margin in the high sixties per thousand litres for the year.'

'This is on the assumption that there are no further material changes to the operating environment in Morocco during the year.'

In 2018, the gross cash unit margin was $73 per thousand litres, up from $74 in 2017, though in the second half the margin fell to $71, primarily impacted by market conditions in Morocco.

'Overall the prospects for the group remain positive, we are excited by the opportunities that our expanded portfolio will bring, and expect to continue to build our retail footprint across our markets by opening between 80 to 100 new retail service stations across the 23 high growth countries in which we now operate,' the company said.

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