Britain’s biggest household energy supplier British Gas made £516m profit in the first half of 2016. The figure is down just 7pc despite losing almost 400,000 customer accounts.
The company said it had lost a further 175,000 accounts since April, on top of 224,000 in the first three months of the year, but that it started gaining customers again in June after launching a new cheaper fixed-price deal.
British Gas cut its gas prices by 5.1pc in March and also reported that a typical household used 1pc less energy in the first six months of the year than the same period last year.
Centrica group adjusted operating profits fell by 12pc to £853m in the first six months of the year, beating analysts’ expectations. Profits in the exploration and production and power generation businesses also fell.
Iain Conn, Centrica chief executive, said: “The first half of the year has been demanding for Centrica, but the response has been strong and I am encouraged by the progress we have made.
“We are delivering underlying performance improvement and are building a robust platform for customer-focused growth. I remain confident in our ability to deliver both attractive returns and underlying cash flow growth, as we continue to implement our strategy.”
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.