Drax Group Full-Year Profit Surges

reported a strong rise in its net profit last year. Drax Group's net profit for the year surged to 129 million pounds ($198 million), from GBP51 million, in the year-ago period. Drax Group's profit before tax climbed to 165.9 million pounds, from 31.8 million pounds, in the year-earlier period. Earnings per share rose to 32 pence from 13 pence. Underlying profit after tax slipped to 96.0 million pounds from 142.3 million pounds, while underlying EPS declined to 23.7 pence from 35.3 pence. Its revenue climbed 36% to GBP2.81 billion, while EBITDA came in at GBP229 million versus GBP230 million. Total generation revenue climbed to 2.45 billion pounds from 1.78 billion pounds. Drax Group's board declared a final dividend of 7.2 pence per share, compared to 8.9 pence per share, in the year-ago period. At the end of December, net debt was GBP99 million, versus net cash of GBP71 million in the year-ago period. Chief executive Dorothy Thompson said, "External factors have been challenging, with regulatory headwinds in 2014 exacerbated by the recent major deterioration in commodity markets. In these conditions we are placing particular focus on business efficiencies and cost control measures."