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Profits drops at Drax Group
Power company Drax Group reported a lower first-half profit yesterday and said that it is proceeding with plans to become a predominantly biomass-fuelled generator. Drax is expected to review its investment plans of around £650m to £700m in light of smaller-than-expected subsidies for biomass energy. Profit before tax fell to £141m for January-June from £169m a year earlier.