Thursday 11th March 2021
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Z Energy today announced that it expects its FY21 RC EBITDAF to be in a range between $235m to $245m (previous guidance range was $235m to $265m).
Current trading conditions
Z continues to experience the effects of COVID from the two recent lockdowns, the loss of international tourists in its retail channel and reduced volume in Jet, as well as the enduring and ongoing effects of lower refining margins.
Intense retail competition has continued, while crude prices have increased substantially in a short period of time, compressing margins. Oil prices have risen on the expectation of a post-COVID global economic recovery and vaccination roll-out, with the Brent indicator having increased by over 75% in the 120 days since the beginning of November 2020.
Z’s Chief Executive Mike Bennetts said, “The past year has been focussed on our core business as Z and the country bounced back from the worst effects of COVID. Markets, like Jet, have yet to recover from COVID and the most recent lockdowns have also reduced volume across Z’s retail networks, especially in Auckland.
The business has focused on executing our four point improvement plan, in particular we remain on track to deliver $48m of structural cost reductions”.
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