- African-focused fuel retailer Vivo Energy has reported that it expects full-year adjusted EBITDA to be at the top end of market expectations after the ongoing recovery in its retail segment led to positive trading in the fourth quarter.

The company said the 'momentum' built in the third quarter of 2020 continued into fourth quarter trading even as mobility restrictions across its host countries 'remained limited'.

It announced full-year fuel volumes of 9.6 billion litres, 7% down on the previous year, with performance supported by the unit margin tailwinds experienced in the third quarter continuing through the final quarter.

Vivo Energy now expects full-year adjusted EBITDA to be above the top end of the range of current market expectations of $331 million to $354 million.

The company said that despite the impacts of COVID-19, it intends to recommend to shareholders a dividend payment of 3.8 cents per share for 2020, in line with its stated dividend policy and the 2019 full-year dividend.

Chief executive Christian Chammas said: 'The COVID-19 pandemic had a significant adverse impact on our business in the first half of 2020. Since then the group has recovered strongly, with the second half in line with the comparable period in 2019, and this positive performance has continued into 2021.

'As a result, we are cautiously optimistic, and believe that we are well positioned for the future due to our leading positions in structural growth markets, together with our diversified and resilient business model.'

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