Drax sees 2016 earnings at top end of expectations

Power company Drax said 2016 earnings would be at the top end of expectations after winning a new 12 month contract from National Grid.

The power generator said last month its earnings range would be £132m-£161m.

"Taking into account current estimates of the revenue and costs associated with this contract, as well as the recent weakness in commodity markets, Drax now expects 2016 earnings before interest, tax, depreciation and amortisation to be towards the top end of the range of current market forecasts," Drax said in a statement.