Varta AG said Thursday that it would pay a dividend for the first time after sales and earnings grew in 2020, boosted by demand for its battery products.
The German company, which makes batteries for high-tech consumer products and hearing aids, said revenue increased to 870 million euros ($1.05 billion) from EUR362.7 million. Adjusted earnings before interest and taxes was EUR239 million compared with EUR97.5 million, while the adjusted Ebitda margin rose to 27.5% from 26.9%.
The company plans to pay a dividend of around EUR2.50 a share, which includes a special dividend payment, it said.
Varta said its microbatteries and solutions segment recorded particularly strong growth, driven by high demand.
The company said it was looking ahead to 2021 with optimism. Varta expects a double-digit percentage profit increase in 2021, and expects revenue to reach EUR940 million, with growth expected especially in the second half of the year.
The company will release its full annual results on March 31.
Write to Joshua Stein at joshua.stein@wsj.com
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