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Interim Results

Centrica earnings rise after solid first half

01 August 2017 07:25

Centrica's first half earnings before interest, tax depreciation and amortisation rose by 2% to £1,293m following a solid performance in the six months to the end of June.

Customer-facing businesses' adjusted operating profit was flat in H1 2017 compared to H1 2016, with higher profit in Centrica Business offset by reduced profit in Centrica Consumer.

Overall adjusted operating profit was down 4% to £816m reflecting lower profit from its asset businesses.

Adjusted earnings down 11% to £449m including a higher net interest cost.

The group declared an interim dividend of 3.6p, 30% of the 2016 full year dividend in line with established practice. And it said it was on track to achieve the 2017 targets set out at the 2016 preliminary results in February.4

Centrica also announced an increase in the price of electricity on the British Gas standard tariff, the first since November 2013.

The change will take effect on 15 September and will affect 3.1m of its customers, while 5.3m are unaffected.

It said: "Electricity will rise by 12.5% from mid September; gas price to be held at current level, leaving British Gas as one of the cheapest in the dual fuel standard tariff market

"Average annual dual fuel bill for a typical household on standard tariff to rise by £76 to £1120, an increase of 7.3%."

It said British Gas would give a credit to protect more than 200,000 vulnerable customers from the increase.

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