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(Sharecast News) - Metlen Energy & Metals reported a record first half on Thursday, as it highlighted a solid performance from its energy division.
In the six months to the end of June, earnings before interest, tax, depreciation and amortisation rose 23% to a record 550m, reflecting strong contributions from all business platforms. Revenue was 11% higher at 3.6bn and Metlen said this was mainly down to the energy sector, where revenue rose by 218m to 3.1bn.
This was thanks to higher natural gas trading activity, with gas trading revenue rising to 853m from 618m.
Metlen reaffirmed guidance for 2026 EBITDA of between 1bn and 1.15bn and a medium-term EBITDA target of around 1.9bn to 2.1bn.
Executive chairman Evangelos Mytilineos said: "The encouraging start to the year reinforces the confidence reflected in the guidance we provided at our annual general meeting. We are pleased to see that the operational challenges we identified are being addressed, and that the actions we have taken to restore performance delivering tangible results, allowing the business to regain momentum across all of our activities.
"All of our business segments delivered strong growth during the period, supported by robust cash flow generation and disciplined execution. This performance reflects the strength of our diversified business model and the dedication of our people."
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