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Drax Group Turns To Profit In FY18; Lifts Dividend, Sees Continued Growth Ahead

Drax Group plc. (DRX.L), an electricity generation company, reported Tuesday that its fiscal 2018 profit before tax was 14 million pounds, compared to prior year's loss of 204 million pounds.

Basic earnings were 5 pence, compared to loss of 41.3 pence a year ago.

The latest results included gains principally related to foreign currency hedging of 38 million pounds, while last year's loss included unrealised losses of 177 million pounds.

Adjusted profit before tax was 37 million pounds, compared to 5 million pounds last year. Adjusted basic earnings per share were 10.4 pence, compared to 0.7 pence a year ago.

Group adjusted EBITDA went up 9% from last year to 250 million pounds.

Revenue for the year was 4.23 billion pounds, higher than prior year's 3.68 billion pounds.

Further, the company announced a 15% increase in dividend per share to 14.1 pence from 12.3 pence last year.

Looking ahead, the company projects continued growth in Adjusted EBITDA, cash generation and dividend.

Will Gardiner, Chief Executive of Drax, said, "We are confident in our ability to continue growing our earnings and advancing our strategy through the year. We have attractive investment opportunities throughout our business, and while short-term uncertainty over the Capacity Market remains, we look forward to developing those opportunities in a disciplined fashion."

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