gas & electric

Centrica 2019 Operating profit and earnings impacted by challenging environment

FTSE News FTSE 100

Centrica PLC (LON:CNA) has today announced its preliminary results for the year ended 31 December 2019. GROUP FINANCIAL SUMMARY Year ended 31 December 2019 2018 Change Adjusted revenue1 £26.8bn £27.4bn (2%) Adjusted gross margin £3,852m £4,253m (9%) EBITDA £2,119m £2,447m (13%) Adjusted operating profit £901m £1,392m (35%) Adjusted effective tax rate 34% 41% (7ppt) Adjusted basic earnings per share (EPS) …

Centrica Solid performance in the second half so far

FTSE News FTSE 100

Centrica (LON:CNA) overall performance has been in line with its expectations since the 2019 Interim Results in July and the full year outlook for Group cash flow and earnings remains unchanged. The Company has delivered growth in total customer accounts, higher margins and returns in business energy supply in North America, strong trading and optimisation performance in Europe, and acceleration …

Centrica PLC Interim results for the period ended 30 June 2019

FTSE News FTSE 100

Iain Conn, Group Chief Executive: “Centrica faced an exceptionally challenging environment in the first half of 2019, which impacted earnings and cash flows. We have also regrettably had to make the decision to rebase the dividend due to our changed circumstances including the UK energy price cap and increased demands on our cash flows, including additional pension contributions. The outlook …

Centrica PLC Group CEO to step down

FTSE News FTSE 100

Centrica PLC (LON:CNA) today announced that Iain Conn, Group Chief Executive Officer, has agreed with the Board that he will step down as CEO and retire from the Board next year. Today’s Strategic Update announcements mark an important moment in our transformation and we are now moving into a new phase, ready to exit our E&P businesses and fully committed …

Centrica Plc

Centrica Plc Trading environment has been challenging due to a specific set of external factors

FTSE News FTSE 100

Centrica Plc (LON:CNA) operational performance has been largely in line with the Company’s expectations in the first four months of 2019. However, the trading environment has been challenging due to a specific set of external factors, with the expected negative impact from the UK default tariff cap (including the one-off £70m impact in the first quarter), warmer than normal weather …

Centrica plc Renewal of Revolving Credit Facilities

FTSE News FTSE 100

Centrica plc (LON:CNA) announced today the renewal of a series of bilateral Committed Revolving Credit Facilities with 21 banks with an initial maturity date of February 2024 in the aggregate amount of £4.2bn. This replaces the majority of the Company’s existing Revolving Credit Facilities which were due to expire in 2021. These new five-year facilities have two separate one-year extension …

Centrica Plc

Centrica plc A mixed financial performance against a challenging external backdrop

FTSE News FTSE 100

Centrica plc (LON:CNA), today announced Preliminary results for the year ended 31 December 2018 Iain Conn, Group Chief Executive “Centrica’s financial performance in 2018 was mixed against a challenging external backdrop. At the headline level, adjusted operating profit was up 12% and adjusted operating cash flow and net debt were within our target ranges. However, volumes in Spirit Energy and …

Centrica plc to sell Clockwork, Inc

FTSE News FTSE 100

Centrica plc (LON:CNA)  is to sell Clockwork, Inc., and certain of its affiliates (Clockwork) in North America to Authority Brands, a home services franchise platform backed by funds advised by Apax Partners for $300 million (£230 million). Clockwork consists of over 725 franchise territories, and 10 company-owned stores, and brands including One Hour Heating & Air Conditioning®, Benjamin Franklin Plumbing®, …

Centrica plc Board and Senior Management Changes

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Centrica plc (LON:CNA) announced that after nearly 4 years with the Company Mark Hodges, Chief Executive, Centrica Consumer will be leaving on 28th February 2019 to take up a new role as Chief Executive of ReAssure, Swiss Re’s closed book business which plans a stock market listing in 2019. In line with succession plans, Centrica is pleased to announce that …

Centrica Plc Financial performance remained resilient despite weaker than planned volumes from E&P and Nuclear activities

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Centrica Plc (LON:CNA) 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 ad