LONDON (dpa-AFX) - Shares of Drax Group plc (DRX.L) were gaining more than 11 percent in London on Friday after the company reported higher profit in its first half.
Looking ahead for fiscal 2024, the company expects adjusted EBITDA around the top end of analysts' consensus estimates.
Further, the Board proposed interim dividend of 10.4 pence per share, a growth of 12.6 percent from last year.
Drax also said it will commence a share buyback programme for the purchase of up to 300 million pounds of Drax shares over a two-year period, expected to begin in the third quarter.
For the first half, profit before tax grew to 463 million pounds from last year's 338 million pounds.
Total basic earnings per share were 88.1 pence, up from 61.8 pence last year. Adjusted basic earnings per share improved to 65.6 pence from prior year's 46.0 pence.
Operating profit grew to 518 million pounds from last year's 392 million pounds. Adjusted EBITDA climbed to 515 million pounds from last year's 417 million pounds.
In London, Drax Group shares were trading at 632.00 pence, up 11.56 percent.
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