The strong results – which also saw EBITDA rise by a hefty 166% – come amid a period of surging wholesale power prices, meaning that Drax, as the UK’s largest power station, has been able to recover strongly from the financial crisis that left it on the brink of collapse two years ago.
The company hopes to offer shareholders a dividend of four pence per share for the first half of the year.
Commenting on the results, Dorothy Thompson, chief executive of Drax, said: I am very pleased with the 2005 Drax results. During the year the company undertook a substantial financial restructuring, including listing the Drax group shares on the London Stock Exchange, whilst continuing to deliver strong improvements in operational and financial performance.
We have made significant progress since listing to build our forward power sales and expect to deliver significant cash distributions during 2006 as we benefit from good performance against a background of robust commodity markets.
