Centrica Pretax Profit Falls Sharply in 2017
22 Febbraio 2018 - 9:38AM
Dow Jones News
By Maryam Cockar
British Gas owner Centrica PLC (CNA.LN) said Thursday that
pretax profit fell sharply in 2017 after incurring several charges,
and after 2016 profit benefited from a tax credit in 2016.
The utility company said that pretax profit was 142 million
pounds compared with GBP2.19 billion a year earlier. Stripping out
exceptional items, adjusted pretax profit declined to GBP901
million from GBP1.17 billion, it said.
Centrica said that revenue rose to GBP28.02 billion from GBP27.1
billion a year earlier.
The FTSE 100-listed company maintained its final dividend at
8.40 pence a share, bringing the full-year dividend to 12
pence.
The company said its GBP750 million cost-efficiency program was
delivered three years early and so it has increased the program
target by GBP500 million to GBP1.25 billion a year by 2020.
"The combination of political and regulatory intervention in the
U.K. energy market, concerns over the loss of energy customers in
the U.K., and the performance issue in North America have created
material uncertainty around Centrica and, although we delivered on
our financial targets for the year, this resulted in a very poor
shareholder experience. We regret this deeply, and I am determined
to restore shareholder value and confidence," Chief Executive Iain
Conn said.
Mr. Conn said Centrica is committed to delivering attractive
returns and growth over the medium term.
Centrica also said it will buy its 4% senior notes due 2023 and
up to $250 million of its 5.375% senior notes due 2043 in order to
improve the efficiency of its balance sheet structure.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
February 22, 2018 03:23 ET (08:23 GMT)
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