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

DRAX GROUP PLC

(DRX)
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UK's Drax sees 60 million pound coronavirus hit, higher bad debts

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04/22/2020 | 04:39am EDT

British power producer Drax Group has estimated a 60 million pound hit from the coronavirus crisis due to a possible rise in bad debts and lower demand for energy, it said on Wednesday.

The government has ordered sweeping measures to slow the spread of the new coronavirus, shutting down much of the economy and raising the prospect of mass job losses.

"In the customers business, the consequences of (the coronavirus) are only now starting to become visible. It is expected to result in reduced demand and a potential increase in bad debt," Drax said in a statement.

Drax said its customers business, which sells power, gas and energy services to small to medium-sized (SME) companies, is expected to record a full-year adjusted core loss.

Drax has converted four of its six coal power units to using biomass, with the remaining units set to close in 2021.

Power prices have plummeted amid weak demand but Drax said its generation revenues were somewhat protected by strong forward sales and government renewable support schemes.

The company had planned a 230-250 million pound capital investment in its biomass operations for 2020 but said this would be under review and any short-term investment made is likely to be lower.

Drax expects 2020 core profit to be in line with market expectations, despite the hit from the pandemic, and still expects to pay a dividend for 2019 of 9.5 pence a share.

By Susanna Twidale


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Financials
Sales 2020 4 474 M 5 794 M 5 794 M
Net income 2020 -3,71 M -4,80 M -4,80 M
Net Debt 2020 834 M 1 080 M 1 080 M
P/E ratio 2020 91,8x
Yield 2020 5,72%
Capitalization 1 174 M 1 521 M 1 520 M
EV / Sales 2020 0,45x
EV / Sales 2021 0,44x
Nbr of Employees 2 829
Free-Float 96,3%
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Technical analysis trends DRAX GROUP PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 323,30 GBX
Last Close Price 295,80 GBX
Spread / Highest target 35,2%
Spread / Average Target 9,30%
Spread / Lowest Target -16,2%
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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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