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Interim Results

Drax hikes divi as earnings rise

19 July 2017 07:43

Drax Group's EBITDA rose to £121 million in the six months to the end of June - an increase of £51 million on a year ago.

Underlying earnings fell to £9m from £17m and underlying earnings per share of 2.2p were down from 4.2p last time.

Total dividends increased to 4.9p per share - uo from 2.1p.

On a statutory basis, the group reported a pre-tax loss of £83m compared with a profit of £184m a year ago.

Chief executive Dorothy Thompson said: "We have made good progress with our strategy during the first half of 2017, acquiring Opus Energy and a third compressed wood pellet plant, in addition to refinancing and implementing a new dividend policy.

"Central to our strategy is the delivery of targeted growth through deploying our expertise across our markets and, in so doing, diversifying, growing and improving the quality of earnings whilst reducing exposure to commodity market volatility.

"Delivering reliable renewable electricity remains at the heart of our business. We continue to produce at record levels, helping to keep the UK's electricity system secure and supplying our customers through our retail business.

"With the right conditions, we can do even more. We are progressing our four new rapid response gas power projects and our research and innovation work has identified potentially attractive options to repurpose our remaining coal assets.

"We continue to play a vital role in the UK's energy infrastructure and our strategy is helping to change the way energy is generated, supplied and used for a better future."

Story provided by StockMarketWire.com

Related Company: DRX

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