UK's Centrica posts lower interim profit as British Gas profits fall
Updates throughout with detail, comment
By Susanna Twidale
July 25 (Reuters) -Britain's CentricaCNA.L reported a fall in first-half adjusted operating profit on Thursday with profits at retail arm British Gas dropping due to lower energy prices and without a one off payment seen the previous year.
Wholesale energy prices have fallen significantly since 2022 and early 2023 after hitting record highs following Russia’s invasion of Ukraine.
“Our core businesses continued to deliver in line with our expectations in the first half of 2024, against the backdrop of more normalised market conditions,” CEO Chris O’Shea said in the results statement.
The largest source of the company’s profits was its infrastructure division, which includes its stake in upstream gas producer Spirit Energy, its energy storage sites and its 20% stake in Britian’s nuclear fleet.
Infrastructure profits were 522 million euros, down from 654 million in the first half of 2023 on lower energy prices.
Adjusted profits at retail arm British Gas Energy dropped to 159 million pounds from 969 million pounds in the first half 2023.
Centrica said first half profits in 2023 were swelled by around 500 million pounds due to changes in regulator Ofgem’s price cap which allowed the firm to recover costs lost during the energy crisis and had warned this would not be repeated.
It said the division was also hit by lower commodity prices and customer numbers also slightly dipped.
The energy firm reported a totaladjusted operating profit of 1.04 billion pounds ($1.34 billion) for the six months ended on June 30, compared with 2.08 million pounds a year earlier.
The company said Chair Scott Wheway would step down after five years in the role and non-executive director Kevin O'Byrne would succeed him on Dec. 16.
Centrica increased its interim dividend to 1.5p from 1.33p and said its sharebuyback programme would be extended by 200 million to be complete by around February 2025.
($1 = 0.7760 pounds)
($1 = 0.7762 pounds)
Reporting by Susanna Twidale in London, Radhika Anilkumar in Bengaluru; Editing by Subhranshu Sahu and Sharon Singleton
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
