By Adam Whittaker

Drax's pretax profit fell but adjusted earnings rose, supported by a record level of renewable energy generation across its portfolio.

The U.K. power-generation company said its pre-tax profit for 2024 fell to 753 million pounds ($954.5 million) from the 796 million pounds in reported in 2023.

Adjusted earnings before interest, taxes, depreciation and amortization grew 5% to 1.06 billion pounds, boosted by increased renewable generation and improved performance in its pellet production unit.

For 2025 as a whole, Drax expects adjusted earnings in line with analysts' consensus of 865 million pounds.

Drax said it generated a record level of renewable generation across its portfolio in 2024.

Drax proposed a final dividend of 57 million pounds, which is equivalent to 15.6 pence per share. This takes the full-year dividend to 26.0 pence per share, an increase of 12.6% on 2023's 23.1 pence per share, the company said.

The third 75 million pound tranche of its previously announced share buyback will commence shortly, it said.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

February 27, 2025 03:17 ET (08:17 GMT)

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