Partly Cloudy

Partly Cloudy

max temp: 20°C

min temp: 13°C

Search

UK: British Gas owner Centrica on track for £1.4bn profit

PUBLISHED: 08:50 15 November 2012

A British Gas bill behind a burning hob. British Gas owner Centrica courted more anger over its planned price increases today by revealing it is set to make profits of £1.4billion this year

A British Gas bill behind a burning hob. British Gas owner Centrica courted more anger over its planned price increases today by revealing it is set to make profits of £1.4billion this year

BRITISH Gas owner Centrica risked more anger over its planned price hikes today by revealing it is set to make profits of £1.4billion this year.

The company, which will increase its energy prices by 6% tomorrow, said it was on track to meet the City’s expectations for year-on-year growth in earnings.

Analysts also predict around £575million of pre-tax profit from its British Gas residential arm after gas consumption for the first 10 months of 2012 was 9% higher because of colder than normal weather.

The group, which makes most of its profit from upstream gas and oil exploration, provides gas and electricity to almost 16 million households.

Its trading update comes after rival SSE yesterday reported a 38% jump in half-year profits to nearly £400 million.

Centrica has blamed rising energy bills on the costs of carbon reduction targets and upgrading the UK’s gas and electricity grids. It also said it experienced a 13% rise in wholesale gas prices for this winter.

The anticipated 6% profits improvement in residential energy supply has been driven by stronger trading over the first half of the year, with the figure expected to be lower for the second half of the period.

Search hundreds of local jobs at Jobs24

0 comments

They are the powerhouses of our region – the companies which drive the local economy and employ tens of thousands of people across Norfolk and Suffolk.

The East Anglian facilities of a national meat processing company will be “pivotal” in its continued expansion, according to its chief executive.

Better promotion of social care jobs and providing more opportunities for career progression in the industry will be key to continued growth for a regional care home operator.

The property maintenance arm of Flagship Group, RFT, is reaching for greater commercial growth after securing two new contracts.

A Suffolk social enterprise is among three community schemes to scoop £25,000 from the regional development agency.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24