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UK power producer Drax changes payouts with boost to dividend
June 15, 2017 / 6:24 AM / a month ago

UK power producer Drax changes payouts with boost to dividend

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LONDON, June 15 (Reuters) - Drax has raised its dividend payout target for the year and has changed the way it calculates shareholder rewards to ensure returns grow, the British power producer said on Thursday.

Drax said it was targeting earnings before interest, tax, depreciation and amortisation (EBITDA) of 425 million pounds ($541.5 million) by 2025, more than three times its core earnings in 2016.

Its new dividend policy foresees a 50 million pound payout to shareholders this year, compared with 10 million in 2016 and 23 million in 2015.

Drax placed its dividend policy under review in February after another year of lower profits hurt by weak energy prices.

$1 = 0.7849 pounds Reporting by Karolin Schaps; editing by Jason Neely

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