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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Drax Group plc    DRX   GB00B1VNSX38

DRAX GROUP PLC

(DRX)
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Drax : Britain's Drax posts first half pre-tax loss after coronavirus hit

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07/29/2020 | 02:28am EDT

British power generator Drax on Wednesday reported a 61 million pound loss before tax for the first half of 2020, after taking a 44 million pound hit due to the coronavirus.

Drax said the coronavirus-related loss came mainly from its customer business, which sells power, gas and energy services to small to medium-sized (SME) companies.

The company, which has the capacity to provide electricity to around 13 million homes, saw stronger generation from its biomass plants, up 16% compared with the first half of 2019 to 7.4 terawatt hours.

Drax has converted four of its six former coal-fired units in the past decade to use biomass wood pellets.

The remaining coal plants are set to close by the end of March 2021, ahead of a government deadline of 2024, but will remain able to fire up to provide back-up power, until September 2022, the company has said.

The closures are expected to lead to a 25-35 million exceptional item in the second half of the year, Drax said.

First half adjusted EBITDA rose 30% to 179 million pounds, helped by higher power generation and a reduction in costs for its biomass supply.

The company said it would pay an interim dividend of 6.8 pence per share and expects a full year dividend of 17.1 pence, up 7.5% compared with 2019.

"We have increased our dividend while also helping to keep the lights on," Drax Group CEO Will Gardiner said in a call with journalists.

(Reporting by Susanna Twidale; Editing by Gareth Jones)


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Financials
Sales 2020 4 474 M 5 814 M 5 814 M
Net income 2020 -3,71 M -4,82 M -4,82 M
Net Debt 2020 834 M 1 084 M 1 084 M
P/E ratio 2020 91,7x
Yield 2020 5,73%
Capitalization 1 173 M 1 534 M 1 524 M
EV / Sales 2020 0,45x
EV / Sales 2021 0,44x
Nbr of Employees 2 829
Free-Float 96,3%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 323,30 GBX
Last Close Price 295,60 GBX
Spread / Highest target 35,3%
Spread / Average Target 9,37%
Spread / Lowest Target -16,1%
EPS Revisions
Managers
NameTitle
Dwight Daniel Willard Gardiner Chief Executive Officer & Executive Director
Philip Gotsall Cox Chairman
Andrew Keith Skelton Chief Financial Officer & Director
David Nussbaum Senior Independent Non-Executive Director
Nicola Hodson Independent Non-Executive Director
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