DRAX FINCO PLC

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have assessed the prospects of the Company over the 12-month period after the date that these financial statements were authorised for issue. The Directors have considered the forecast financial position of the Company, the Company's commitments and obligations, the Company's expected cashflows and other relevant financial forecasts. This assessment has considered the level of funding available to the Company, including participation in the Group's cash pool arrangements and other forms of internal support, including a letter of support received from Drax Group Holdings Limited, where applicable, credit metrics and the current and future economic climate. In their assessment, the Directors have considered the principal risks faced by the Company including, climate change. At 31 December 2024, the Company had net current assets of £325,527 (2023: £640,198k). The Directors consider that the future cash outflows in respect of the loan notes are supported by cash inflows from the Group under the Bond Loan Proceeds Agreement. The Group is expected to generate sufficient cashflows to cover the cash outflows of the loan notes for the 12 months from the date of issue. Accordingly, and noting the written confirmation of Group support, the Directors continue to adopt the going concern basis in preparing the financial statements.”

Significant events

• “In April 2024, the Company completed a €350.0 million offering of EUR fixed rate loan notes. The loan notes mature in 2029 and have a coupon rate of 5.875%.”
• “In May 2024, the Company completed a tender offer on €106.2 million of the principal of the EUR fixed rate loan notes due to mature in 2025 at 97.875% of the principal value (€103.9 million). Following completion of this offer in May 2024, the remaining principal of these notes outstanding is €143.8 million with a fixed interest rate of 2.625%. A gain on extinguishment of £1,724k was recognised within other finance income in relation to this partial repayment.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +9.5%

  £32,867,000 → £35,978,000

• Employees

  —

  Not reported

• Operating profit

  +549%

  £639,000 → £4,147,000

• Profit before tax

  +549%

  £639,000 → £4,147,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers