AGM Statement

RNS Number : 9210K

Drax Group PLC

22 April 2015

 



22 April 2015

Drax Group plc

("Drax" or the "Company")

Symbol: DRX

AGM Statement

Drax holds its Annual General Meeting at 11:30am today at The Grocers' Hall, Princes Street, London.  At this meeting Charles Berry, Chairman of Drax, will make the following comments:

"The Annual Report and Accounts were published on 16 March and therefore I hope that you've had time to review them. By way of a reminder, our principal performance indicators and operational achievements for 2014 are summarised on the screen. 

However, let me start by saying that your business remains completely committed to becoming a predominantly biomass fuelled generator providing renewable power that' is both sustainable and reliable. Indeed, it would now be true to call Drax - Europe's leading sustainable power specialist.

In terms of sustainability, we've made great strides in the past year. Our biomass generation is delivering carbon savings of 86 per cent compared to burning coal - that's significantly above the European Commission's best-practice benchmark of 70 per cent.

We're on track to deliver carbon dioxide savings of 12 million tonnes a year upon completion of our biomass transformation, equivalent to removing 10 per cent of the UK's cars from our roads.  It will also make Drax - Europe's single largest decarbonisation project.

We've delivered these carbon savings by burning sustainable biomass from a growing renewable natural resource, while continuing to deliver between seven and eight per cent of the UK's entire electricity needs. Meanwhile we also supply sustainable power to the thousands of business customers through our retail operation - Haven Power."

Enquires:

Investor Relations

Michael Scott         [phone]

Mark Strafford        [phone]

Media 

Andrew Brown [phone]

Website: www.drax.com

Notes:

(1)  The principal performance indicators and operational achievements for 2014 which were  "summarised on the screen" were as follows:

During 2014:

®  Total revenue - £2,805 million

(2013: £2,062 million)

®  EBITDA - £229 million

      (2013: £230 million)

®  Gross Profit was £450 million

      (2013: £445 million)

®  Net (debt) / cash - £(99) million

      (2013: £71 million)

®  Underlying basic earnings - 24 pence per share

      (2013: 35 pence per share)

®  Carbon dioxide emissions - 583 tonnes per t/GWh

      (2013: 725 tonnes per t/GWh)

®  Total recordable injury rate  - 0.33

      (2013: 0.29)

 

END

 

 

AGMKMGZDVMVGKZM