The Drax Group Board has resolved to pay an interim dividend for the six months ended 30 June 2024 of 10.4 pence per share, representing 40% of the expected full year dividend. The interim dividend was paid on 25 October 2024.
At the Annual General Meeting on 1 May 2025, the Board will seek shareholder approval to pay a final dividend for the year ended 31 December 2024 of 15.6 pence per share. If approved, the final dividend will be paid on 16 May 2025, with a record date of 25 April 2025.
Taken together with the interim dividend, this would give a total dividend for 2024 of 26.0 pence per share. This is a 12.6% increase on 2023 and represents sustainable growth in accordance with their capital allocation policy.
Other financial highlights include:
5% growth in Adj. EBITDA driven by increased renewable generation and improved Pellet Production performance
Strong liquidity and balance sheet
£0.7 billion of new debt with maturities 2027-2029, £0.9 billion of shorter dated maturities repaid
£806 million of cash and committed facilities, 0.9x Net debt to Adj. EBITDA
£300 million share buyback
c.£150 million complete to date, third £75 million tranche expected to commence shortly
