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30/07/2009
Centrica Profits Drop 5.6%
Energy giant Centrica has reported a 5.6% drop in profits in the first half of this year, but believes it will remain focused on delivering stability and growth throughout the rest of 2009.
However, profits from British Gas, part of the Centrica Group, rose to £299 million from £166 million in the same period last year. The firm believes this was because the weather was a lot colder in the winter months this year.
Chief Executive of Centrica, Sam Laidlaw, said: "We have created a strong foundation here over the last two years and now is the time to take British Gas to the next stage of its evolution. Building on our already strong brand in the UK we are seeking to deepen the customer relationship by combining the energy and services propositions.
"To best achieve this we will combine British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organisation.
"This will enable us to launch new bundled products under the British Gas brand, products that customers want, to increase customer loyalty, to further reduce costs and to target even more efficiently the substantial support we already provide for our vulnerable customers."
British Gas made a 10% reduction in the standard gas tariff from February and a similar cut in electricity prices in May.
The firm said this had allowed it to drop the price of energy for its residential customers, which had in turn enabled it to improve its competitive appeal.
Summarising the results, Mr Laidlaw concluded: "Following a record 2007, the financial performance in 2008 was good despite a much harsher environment. We made strong progress against the strategic priorities we set out at the end of 2006. The outlook for the global economy remains very challenging and in the UK 2009 could be particularly difficult for many of our customers, both residential and commercial. We will continue to place our customers' needs at the forefront of our agenda, alongside our determination to deliver increasing long-term value for our shareholders."
(CD/JM)
However, profits from British Gas, part of the Centrica Group, rose to £299 million from £166 million in the same period last year. The firm believes this was because the weather was a lot colder in the winter months this year.
Chief Executive of Centrica, Sam Laidlaw, said: "We have created a strong foundation here over the last two years and now is the time to take British Gas to the next stage of its evolution. Building on our already strong brand in the UK we are seeking to deepen the customer relationship by combining the energy and services propositions.
"To best achieve this we will combine British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organisation.
"This will enable us to launch new bundled products under the British Gas brand, products that customers want, to increase customer loyalty, to further reduce costs and to target even more efficiently the substantial support we already provide for our vulnerable customers."
British Gas made a 10% reduction in the standard gas tariff from February and a similar cut in electricity prices in May.
The firm said this had allowed it to drop the price of energy for its residential customers, which had in turn enabled it to improve its competitive appeal.
Summarising the results, Mr Laidlaw concluded: "Following a record 2007, the financial performance in 2008 was good despite a much harsher environment. We made strong progress against the strategic priorities we set out at the end of 2006. The outlook for the global economy remains very challenging and in the UK 2009 could be particularly difficult for many of our customers, both residential and commercial. We will continue to place our customers' needs at the forefront of our agenda, alongside our determination to deliver increasing long-term value for our shareholders."
(CD/JM)
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British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
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Centrica profits rise to £1.5bn
British Gas owner Centrica has announced an 11% increase in profits, taking the amount to £1.5 billion. Centrica attributed the profits to its gas production and storage operations. The announcement is set to cause controversy, coming a week after British Gas announced that the cost of gas and energy bills would rise by 22% this year.
Centrica profits rise to £1.5bn
British Gas owner Centrica has announced an 11% increase in profits, taking the amount to £1.5 billion. Centrica attributed the profits to its gas production and storage operations. The announcement is set to cause controversy, coming a week after British Gas announced that the cost of gas and energy bills would rise by 22% this year.
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Centrica Posts £1 Million In Profits - To Consumers Anger
British Gas owner Centrica has posted half-year profits of almost £1 billion - much to the anger of consumer groups. Centrica maintain that it has been "absolutely necessary" to raise household gas prices as profits were down 20% in the first six months of this year to £992 million - down from £1.23 billion in 2007.
Centrica Posts £1 Million In Profits - To Consumers Anger
British Gas owner Centrica has posted half-year profits of almost £1 billion - much to the anger of consumer groups. Centrica maintain that it has been "absolutely necessary" to raise household gas prices as profits were down 20% in the first six months of this year to £992 million - down from £1.23 billion in 2007.
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Labour Slams British Gas For "Enjoying Huge Profits"
Labour's Shadow Secretary has slammed Centrica, owners of British Gas, after reporting profits of £2.415 billion. Caroline Flint MP said people will be shocked when millions of families are struggling with their energy bills while British Gas enjoys huge profits.
Labour Slams British Gas For "Enjoying Huge Profits"
Labour's Shadow Secretary has slammed Centrica, owners of British Gas, after reporting profits of £2.415 billion. Caroline Flint MP said people will be shocked when millions of families are struggling with their energy bills while British Gas enjoys huge profits.
30 July 2015
British Gas To Cut 6,000 Jobs
British Gas owner Centrica has announced it is to cut 6,000 jobs by 2020. The announcement comes as the group reports a doubling of profits at the British Gas business in the first six months of 2015. In its annual Interim Results report, the company said half the jobs lost would be through redundancies.
British Gas To Cut 6,000 Jobs
British Gas owner Centrica has announced it is to cut 6,000 jobs by 2020. The announcement comes as the group reports a doubling of profits at the British Gas business in the first six months of 2015. In its annual Interim Results report, the company said half the jobs lost would be through redundancies.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
