Centrica 1st Half Pretax Profit Increases Significantly
July 31 2018 - 3:08AM
Dow Jones News
By Maryam Cockar
British Gas owner Centrica PLC (CNA.LN) said Tuesday that pretax
profit for the first half of 2018 increased significantly despite
rising commodity prices, extreme weather, increased competition and
political and regulatory uncertainty.
For the six months ended June 30, the energy supplier made a
profit of 415 million pounds ($544.8 million) compared with GBP79
million in the same period a year earlier, when it incurred a
GBP549 million charge.
Revenue increased 7% to GBP15.30 billion from GBP14.30
billion.
The FTSE 100-listed company held the interim dividend at 3.60
pence a share and said it expects to maintain the full-year
dividend at 12 pence.
Centrica said for the full year it expects adjusted operating
cash flow to be higher than in 2017, and within the company's
targeted range of GBP2.1 billion to GBP2.3 billion, and capital
expenditure to be no more than GBP1.1 billion.
The company also said it is on track to deliver GBP200 million
of saving in 2018.
Chief Executive Iain Conn said Centrica is awaiting the final
outcome of regulation to impose a temporary cap on all default
tariffs for residential customers in the U.K., but the company has
plans in place to manage this.
Centrica also said that Chief Financial Officer Jeff Bell will
stand down from his position at the end of October and will leave
the company in July 2019. Centrica has appointed Chris O'Shea as
Group CFO and Executive Director From Nov. 1.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
July 31, 2018 02:53 ET (06:53 GMT)
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