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Centrica adjusted profit slumps 31% on pandemic impact, warmer weather
StockMarketWire.com
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British gas owner Centrica reported a slump in adjusted profit for the year as warmer weather and the pandemic impact weighed on demand.
For the year ended 31 December 2020, adjusted operating profit from continuing operations fell 31% year-on-year to £447 million as revenue slipped 9% to £24.4 billion.
'This was driven largely by the impact of lower commodity prices on Upstream achieved prices and British Gas retail prices, and lower demand for energy from businesses due to Covid-19,' the company said.
British Gas Energy customers fell by 164,000 or 2%, with nearly all the net losses coming in the first half of the year.
The company did not propose a dividend for the year.
The company said it had made a 'good start to the turnaround of Centrica, with the sale of Direct Energy now complete and our significant Group restructure on track.'
The restructuring costs included an exceptional charge of £274 million included in the annual results.
Restructure was expected to be largely completed in 2021.
At 9:28am: (LON:CNA) Centrica PLC share price was 0p at 43.81p
Story provided by StockMarketWire.com
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