Drax Group plc (DRX) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and good morning, everyone. Welcome to our 2023 full year results presentation. I'm going to start on page three. So you're all familiar with our purpose and our ambition. And I want to start with that, as we always do, as it fundamentally guides everything that we do. We have a business model that aligns shareholder returns with positive outcomes for nature, the climate, and people. So today we're taking a slightly different approach to our presentation. As always, we will review our performance and our strategy. And in addition, today we'll spend a bit more time reminding you of the fundamental strengths of our business, its critical role in the UK power system, and our ability to generate long-term returns for shareholders. I will also underline our commitment to running our business safely, sustainably, and compliantly. Turning to page four. We delivered a strong financial performance in 2023 with a strengthened balance sheet, additional returns to shareholders and the continued development of our strategy. We're delivering for multiple stakeholders. We provided 8% of the UK's renewable power and we play a key role in supporting the UK power system. And we expect that to be true for a long time. We have a strong business today with long-term cash flows underpinning the balance sheet and dividend, as well as opportunities for growth that are aligned with net zero. I want to spend a little bit of time talking about what our business is today. In the UK, we have an important flex-gen business, which is at the center of the UK power system, and which will become more important as the country transitions to a greater renewable power system. The first part of that business is our non-biomass flex-gen and energy supply portfolio. Drax Energy Solutions, Kroken,...