Drax ups dividend amid swing to first-half profit

Drax CEO Will Gardiner

North Yorkshire-based power company Drax Group said on Thursday it will increase its interim dividend by 10% to £30 million or 7.5p per share as it announced it made a profit before tax of £51.8 million in the six months to June 30, 2021, compared to a loss of £85.3 million in the first half of 2020.

Drax Group CEO Will Gardiner said: “We have had a great first half of the year, transforming Drax into the world’s leading sustainable biomass generation and supply company as well as the UK’s largest generator of renewable power by output.

“The business has performed well, and we have exciting growth opportunities to support the global transition to a low-carbon economy.

“Drax has reduced its generation emissions by over 90%, and we are very proud to be one of the lowest carbon intensity power generators in Europe — a huge transformation for a business which, less than a decade ago, operated the largest coal power station in Western Europe.

“In the past six months, we have significantly advanced our plans for BioEnergy with Carbon Capture and Storage (BECCS) in the UK and globally.

“By 2030 Drax could be delivering millions of tonnes of negative emissions and leading the world in providing a critical technology needed to tackle the climate crisis.

“We are pleased to be announcing a 10% increase in our dividend, and we remain committed to creating long-term value for all our stakeholders.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.