(Reuters) - Drax Group (LON:DRX), the UK's largest source of renewable electricity, posted a 66% jump in annual profit and raised its dividend on Thursday, supported by robust renewable power generation.
The London-listed company posted full-year 2023 adjusted core profit of 1.21 billion pounds ($1.53 billion), compared to the 731 million pounds it earned a year ago.
The company said it expects capital investments to fall to about 410 million pounds to 450 million pounds this year, from 519 million pounds in 2023.
Drax also proposed a final dividend of 13.9 pence per share, a 10% increase from last year.
The company has a portfolio of sustainable biomass, hydro-electric and hydro generation and storage assets. ($1 = 0.7900 pounds)