Menu
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)
Related UK National News Stories
Click here for the latest headlines.
13 January 2011
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.
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.
04 February 2010
Energy Supplier Slashes Gas Price
British Gas has today cut its standard gas prices by an average 7%. The price cut, which will benefit 8 million households, takes effect immediately and makes British Gas, on average, the cheapest supplier of standard gas and electricity right across Britain - no matter which way customers choose to pay.
Energy Supplier Slashes Gas Price
British Gas has today cut its standard gas prices by an average 7%. The price cut, which will benefit 8 million households, takes effect immediately and makes British Gas, on average, the cheapest supplier of standard gas and electricity right across Britain - no matter which way customers choose to pay.
23 February 2006
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.
09 September 2005
Gas and electricity prices to rise by over 14%
British Gas prices are set to rise by 14.2% for residential customers later in September. The company blamed the increase on soaring oil and gas prices. The rise follows on recent similar price hikes by Powergen and EDF Energy. The company said that the 14.
Gas and electricity prices to rise by over 14%
British Gas prices are set to rise by 14.2% for residential customers later in September. The company blamed the increase on soaring oil and gas prices. The rise follows on recent similar price hikes by Powergen and EDF Energy. The company said that the 14.
12 October 2012
British Gas Price Rise
British Gas is to hike its domestic gas and electricity prices by an average of 6% on 16 November 2012. As a result, annual dual fuel bills for British Gas customers with average consumption will increase by around £80. British Gas knows that this £1.
British Gas Price Rise
British Gas is to hike its domestic gas and electricity prices by an average of 6% on 16 November 2012. As a result, annual dual fuel bills for British Gas customers with average consumption will increase by around £80. British Gas knows that this £1.
-
Northern Ireland WeatherToday:Dry, bright start this morning with best of sunshine in the west. Thickening cloud over Down and Antrim this morning with a few showers, extending westwards this afternoon. Lighter winds. Maximum temperature 16 °C.Tonight:Rather cloudy and mainly dry at first, then showery outbreaks of rain extending westwards to most places during the night, turning heavier towards morning. Light winds. Minimum temperature 8 °C.
