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Cheap deals are attracting customers back to British Gasa

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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.”

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Paul

The author Paul