Wednesday, July 17, 2024

British Gas first-half profits jump almost 10-fold

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Centrica has reported an virtually 10-fold surge in first-half income at British Fuel, the UK’s largest family power provider.

Margins at British Fuel, which has about 7.5mn clients, have been boosted by increased gasoline and electrical energy costs, the corporate stated on Thursday because it set out plans to extend its dividend and lengthen a share buyback plan.

The London-listed firm intends to pay an interim dividend of 1.33 pence per share, up 33 per cent from the identical interval final yr. It would additionally lengthen its share buyback programme by an extra £450mn.

Centrica’s chief government Chris O’Shea stated the corporate would spend an additional £50mn on serving to susceptible clients, taking its complete on the programme to £100mn because the begin of 2022.

Payments have fallen because the top of the power disaster final yr when wholesale costs surged, however are nonetheless far increased than regular.

Beneath regulator Ofgem’s present worth cap, which limits how a lot suppliers can cost for power, typical households can pay £2,074 a yr, nicely above the pre-crisis common of £1,150.

Adjusted working income at British Fuel surged to £969mn within the first six months of this yr, up from £98mn within the first half of 2022. General, Centrica reported an adjusted working revenue of £2.1bn within the half, up from £1.3bn in 2022.

Income at British Fuel have been additionally buoyed by about £500mn after Ofgem allowed the corporate to recuperate losses incurred when the worth cap set by the power regulator was too low to totally account for prices confronted by suppliers.

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