Drax’s profits rise on stronger power sales
British power producer Drax reported a rise in 2014 pre-tax profit as it made more money from selling electricity, but it warned of a challenging year ahead due to an expected fall in profits from burning biomass in power plants.
Pre-tax profit rose to £166m from £32m the year before, helped by a 38 per cent rise in revenue to £2.45bn.
Drax said it would pay a total dividend of 11.9 pence per share for 2014, down from 17.6 pence.
The power producer also reiterated plans to convert a third coal-fired power unit to run on biomass.