Drax stays upbeat despite profit slide
DRAX Group, Britain’s largest coal-fired power station that is set to become one of the world’s biggest renewable generators, has reported a whopping 83 per cent drop in statutory profit before tax to £32m for 2013, due in part to rising carbon costs.
The electrical power generation company has been focusing its energies on its biomass transformation.
Analysts had already warned of lower profits and the figures beat forecasts. Deutsche Bank said the firm appears “poised for strong earnings growth” as it ramps up its biomass work.