Automated Accounts Payable provider Glantus Holdings raises 14M and successfully floats on AIM. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDrax Share News (DRX)

Share Price Information for Drax (DRX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 430.00
Bid: 431.00
Ask: 431.60
Change: 25.00 (6.17%)
Spread: 0.60 (0.14%)
Open: 409.00
High: 433.00
Low: 402.60
Yest. Close: 405.00
DRX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Drax Plans 7.5% Annual Dividend Hike Despite Swing To Interim Loss

Wed, 29th Jul 2020 12:02

(Alliance News) - Drax Group PLC on Wednesday posted a swing to loss for the first half of 2020 as it said it anticipates full-year earnings to in line with expectations and to be able to increase its annual payout.

Shares in the FTSE 250-listed power generation company were trading 0.1% lower at 271.20 pence each on Wednesday at midday in London.

For the six months ended June 30, Drax posted revenue of GBP2.22 billion, marginally lower from GBP2.23 billion a year before. Pretax loss was GBP60.7 million, a sharp reversal from a profit of GBP3.5 million a year ago.

The Selby, England-based company said the deterioration in its performance was due to the impact of the Covid-19 pandemic, as it highlighted adjusted earnings before interest, tax, depreciation, and amortization of GBP179 million, up 30% - or GBP41 million - from the same period in 2019. Drax also recorded a GBP224.2 million asset obsolescence charge in the recent half, versus no such charge a year before.

An interim dividend of 6.8p per share was declared, up 6.3% from 6.4p a year ago.

Looking ahead, the Drax said it expects to pay a full-year dividend of 17.1 pence, up 7.5% from 15.9p in 2019. It expects full-year adjusted earnings Ebitda to be in line with market consensus.

In April, it stated it is in line to meet analyst consensus for adjusted earnings before interest, tax, depreciation, amortisation of GBP398 million. This includes a potential hit of GBP60 million in its Customer segment as a result of reduced demand. Adjusted Ebitda for the first half of 2019 was 138 million.

Cash held as at the end of June was GBP481.5 million.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

7 May 21 15:53

Drax targets biomass growth after "robust" first-quarter trading

Drax targets biomass growth after "robust" first-quarter trading

21 Apr 21 10:48

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

15 Apr 21 14:58

Drax completes acquisition of Canadian firm Pinnacle Renewable Energy

Drax completes acquisition of Canadian firm Pinnacle Renewable Energy

13 Apr 21 09:42

UK's Drax completes acquisition of Pinnacle Renewable

LONDON, April 13 (Reuters) - British power producer Drax said on Tuesday it completed its purchase of Canada-based Pinnacle Renewable Energy Inc, a producer of compressed bioenergy pellets.The acquisition will increase Drax’s annual operational c...

13 Apr 21 09:33

IN BRIEF: Drax expects Pinnacle Renewable deal to complete next week

IN BRIEF: Drax expects Pinnacle Renewable deal to complete next week

7 Apr 21 09:11

UK's Drax to complete Pinnacle Renewables purchase on April 13

OSLO, April 7 (Reuters) - British power producer Drax said on Wednesday it would complete its purchase of Canada-based Pinnacle Renewable Energy Inc on April 13 after clearing a final regulatory hurdle.The Supreme Court of British Columbia had gra...

7 Apr 21 07:48

UK's Drax to complete Pinnacle Renewable purchase on April 13

OSLO, April 7 (Reuters) - British power producer Drax said on Wednesday it would complete its purchase of Canada-based Pinnacle Renewable Energy Inc on April 13 after clearing a final regulatory hurdle.The Supreme Court of British Columbia had gra...

7 Apr 21 07:48

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

24 Mar 21 15:56

UPDATE 1-UK capacity auctions secures 40.8 GW of back-up power led by gas plants

(Updates with details on new Drax gas units)By Nora BuliMarch 11 (Reuters) - Gas-fired power plants secured 26.4 gigawatts (GW) of a total 40.8 GW of back-up power contracts awarded in a UK capacity market auction, provisional data released by Nat...

11 Mar 21 10:46

UPDATE 1-UK capacity auction secures 40.8 GW of back-up power led by gas plants

(Updates with details on new Drax gas units)By Nora BuliMarch 11 (Reuters) - Gas-fired power plants secured 26.4 gigawatts (GW) of a total 40.8 GW of back-up power contracts awarded in a UK capacity market auction, provisional data released by Nat...

11 Mar 21 10:46

Drax secures power capacity agreements for existing and planned assets

Drax secures power capacity agreements for existing and planned assets

11 Mar 21 10:17

UK capacity auctions secures 40.8 GW of backup power led by gas plants

March 11 (Reuters) - Gas-fired power plants secured 26.4 gigawatt (GW) of a total 40.8 GW of awarded backup power contracts in a UK capacity market auction, provisional data released by National Grid showed.The capacity market is a British governm...

11 Mar 21 08:05

UPDATE: Drax Abandons Plans To Build Europe's Biggest Gas Plant

UPDATE: Drax Abandons Plans To Build Europe's Biggest Gas Plant

25 Feb 21 12:01

Drax Annual Loss Widens On Asset Obsolescence Charges From Coal, Gas

Drax Annual Loss Widens On Asset Obsolescence Charges From Coal, Gas

25 Feb 21 09:55

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.