Drax was boosted by a jump in first half profit

Shares in Drax Group (LSE:DRX) advanced strongly and finished Friday 13.67% higher, thanks to strong financial first half financial results.

The power station operator’s profits were up significantly, and, it told investors that it now expects full-year earnings to be at the top end of market forecasts.

Drax also announced a £300 million share buyback and lifted its dividend by 13%.

Also, it said it generated £393 million in biomass subsidies, and produced 2 million tonnes of pellets in the first half, slightly up from last year. The company is planning a £4 billion investment by 2030, with more investments likely in the following decade.

In London, Drax was up 77.46p or 13.67% closing the session at 643.96p.