February 27, 2018 / 7:23 AM / a month ago

British power producer Drax beats on core earnings

Feb 27 (Reuters) - British power producer Drax Group Plc reported full-year core earnings above analysts’ expectations, helped by higher profit from its biomass power plants and the acquisition of Opus Energy.

Drax has converted half its power plant in Yorkshire in the north of England that was once Europe’s most polluting coal-fired power station to burn wood pellets, often made from sustainably sourced dry sawdust compressed under high pressure.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 63.6 percent to 229 million pounds ($319.87 million) for the year ended Dec. 31, the company said on Tuesday. Analysts’ on average had estimated EBITDA of 225.4 million pounds, according to Thomson Reuters I/B/E/S.

The power producer said revenue grew about 25 percent to 3.69 billion pounds. ($1 = 0.7159 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Subhranshu Sahu)

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