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Drax EBITDA jumps from £731m to £1bn

The increase in Drax's earnings before interest, taxes, depreciation and amortisation is attributed to growth in system support services and energy solutions

Drax Group has reported an improvement in financial performance for 2023.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose significantly from £731 million in 2022 to £1,009 billion in 2023, driven by growth in system support services, renewable generation and energy solutions.

Drax’s financial highlights include a proposed 10% increase in the final dividend per share and the conclusion of a £150 million share buyback programme.

Looking ahead, Drax Group anticipates maintaining its strong financial performance, with full-year 2024 expectations aligning with analysts’ consensus estimates.

Will Gardiner, Chief Executive Officer of Drax Group, said: “Policy support for our UK bioenergy with carbon capture and storage (BECCS) project continues to progress and we remain in formal discussions with the UK Government to ensure Drax Power Station can play a long term role in UK energy security, creating thousands of jobs during construction and helping the country reach net zero.”

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