Drax has published its FY16 results which are weak at the top-line level with revenues reaching £2.95bn (-4.7% yoy) and EBITDA reaching £140m, which is 2% below market expectations and represents -17.2% yoy mainly due to the removal of the renewable subsidies in the UK and lower power prices. However, a strong performance in the trading business and £177m of unrealised gains from derivative contracts have boosted the reported net income profit of the company to £194m,
16 Feb 2017
Weak top-line results, but derivatives boost profits; dividend policy under review
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Weak top-line results, but derivatives boost profits; dividend policy under review
Drax Group plc (DRX:LON) | 500 -7 (-0.3%) | Mkt Cap: 1,924m
- Published:
16 Feb 2017 -
Author:
Juan Camilo Rodriguez -
Pages:
3
Drax has published its FY16 results which are weak at the top-line level with revenues reaching £2.95bn (-4.7% yoy) and EBITDA reaching £140m, which is 2% below market expectations and represents -17.2% yoy mainly due to the removal of the renewable subsidies in the UK and lower power prices. However, a strong performance in the trading business and £177m of unrealised gains from derivative contracts have boosted the reported net income profit of the company to £194m,