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Red line 200 MA

24 Mar 2015 "Deutsche Bank cuts Centrica to 'sell' from 'hold', target cut from 280p to 225p"

Energy deals rise 21% in just five months

"The average price for the best energy deal has risen by 21% in only the last five months. British Gas could now be the second cheapest fixed rate tariff for you."

Directorate change

Board Announcement

Centrica appoints a new Non-Executive Director and Chairman Designate

Centrica announces the appointment of Charles Berry as a Director and Chairman designate. Charles will join the Board of Centrica on the 31st October 2018 as a Non-Executive Director and will become Chairman on the 21st February 2019. Charles succeeds Rick Haythornthwaite who announced in May 2018 his intention to step down during the course of the next 12 months, after serving approximately six years. Rick Haythornthwaite will step down on 20th February 2019.

Charles Berry is Chairman of The Weir Group PLC, the international engineering group and has previously held Chairman roles including Senior Plc, Drax Group plc, EAGA plc and Thus Group plc. Previously Charles held executive roles at Scottish Power plc, responsible for power generation, commodity trading, energy retailing and renewable energy in the UK together with board responsibility for energy regulation, and prior to that at Pilkington plc where he held a number of roles and started his career as an engineer.


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Low returns put lid on new British gas storage sites, operators say

Trading Statement

Centrica expects to achieve 2018 Group targets despite upstream operational impacts

Centrica has maintained its focus on performance delivery and financial discipline, and despite the unexpected outages and operational issues in E&P and extended inspections and outages in Nuclear outlined below, and ongoing competitive trading conditions, the Company continues to expect to achieve its Group targets for 2018 as set out in the Preliminary Results in February.

Good progress is being made on introducing new propositions for customers, on delivering further cost efficiencies and in re-positioning the UK Home energy supply business in advance of the introduction of a default tariff price cap.

For the 2018 full year the Company expects:

· Adjusted operating cash flow in the £2.1-£2.3bn range.

· Net debt within the £2.5-£3.0bn range.

· In-year efficiency delivery of over £200m.

· To maintain the full year dividend per share at 12.0p, consistent with the targets of delivering £2.1-£2.3bn per annum on average of adjusted operating cash flow and net debt in the £2.25-£3.25bn range over the period 2018-20 as outlined in February.

· Adjusted operating profit and EBITDA to be above 2017 levels.

· Full year adjusted earnings per share of around 11.5p, with a Group adjusted effective tax rate of around 40% reflecting a changed profit mix.

Iain Conn, Centrica Group Chief Executive

"As we have done over the last four years, we are focused on driving significant underlying improvements in performance and delivering attractive returns while re-positioning the portfolio towards the customer. Our efficiency delivery and new customer propositions are helping to offset the effects of strong competition and regulation in energy supply. Our financial performance has remained resilient despite weaker than planned volumes from our E&P and Nuclear activities and cash generation remains strong. Maintaining a focus on performance delivery and financial discipline and demonstrating resilient cash flows remain our objectives for 2019 and beyond, as we deal with the impact of the UK energy supply default tariff cap."

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JP Morgan Cazenove Overweight 130.50 200.00 190.00 Reiterates

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