Newly listed fuel retailer Vivo Energy’s share price dropped more than 3% on Tuesday morning, despite the company reporting a 3% rise in net income for the three months to end-March. In its quarterly update for the period, the company said it reported 5% growth in sales volumes and 6% growth in gross cash profit, to $170m, largely due to retail volume growth after expanding its network. The company said it expected to meet its full-year target of volume growth of about 5%. Vivo Energy listed on the London Stock Exchange and the JSE on May 10, raising £548m through placement of 332-million shares — or 27.7% of the company. The Shell-licensee operates 1,800 service stations in 15 countries, and is acquiring a further 300 stations from Engen, which would expand its footprint to 24 countries. This is expected to be concluded by the end of 2018. The proposed deal, announced in December, consisted of an offer of shares and cash, but the company did not provide details on the value of its ...

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