Centrica PLC Gross Revenue Rose 54%; Sees 1st Half Headwinds

By Anthony O. Goriainoff

British Gas owner Centrica PLC's (CNA.LN) gross revenue rose 54% in the first four months of 2019, during which it said its operational performance has been largely in line but that it expects its first half will be hit by a challenging trading environment.

The U.K. utility company said Monday that factors such as the expected negative effect from the U.K. energy supply default tariff cap--including a one-off 70 million-pound ($81.0 million) hit in the first quarter--warmer than normal weather, and falling U.K. natural gas prices will add pressure to the full-year outlook.

The company maintained its full-year guidance on operating cash flow and net debt, and continues to expect to adjusted operating cash of GBP1.8 billion to GBP2.0 billion, and net debt of GBP3.0 billion to GBP3.5 billion.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

May 13, 2019 02:48 ET (06:48 GMT)

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