2024 H1: Drax Group's adjusted EBITDA rises to £515M, announces £300M share buyback, and calls for biomass subsidy extension.
Drax Group, a UK renewable energy company, reported a rise in profits for the first half of 2024, with adjusted EBITDA increasing to £515 million from £417 million in the same period in 2023. The company announced a £300 million share buyback program. Net debt decreased to £1.04 billion from £1.274 billion. Drax has called for a quick decision on extending biomass subsidies, which are due to end in 2027, as it plans to spend billions on building carbon capture and storage facilities.
July 26, 2024
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