Partly Cloudy

Partly Cloudy

max temp: 24°C

min temp: 15°C

ESTD 1874 Search

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

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.

shares

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.

shares

0 comments

Millions have been paid to passengers since 2012

There was a £900,000 increase in the amount paid to delayed passengers in just one year – from £1.4m in 2013/14 to £2.3m in 2014/15.

The new branding for Tarmac following its acquisition by CRH.

Iconic contruction brands Tarmac and Blue Circle have been combined to create a UK leader in the building materials sector.

Anne Holt of Baker Tilly.

East Anglia’s many ports and logistics businesses are being advised to prepare for new European Union customs duty arrangements which come into force next year.

Alan Cowie, communications and events officer at the| New Anglia Growth Hub.

New Anglia Growth Hub is to host a funding workshop, bringing together five providers of business support under one roof.

The Birketts Tour de Wellbeing cycle team, from left, Matthew Potter, Ben Burt, Jolyon Berry (front) Greg Jones and Tom Shape.

Members of the employment team at regional law firm Birketts raised more than £1,000 for Breast Cancer Care by taking part in the Tour de Wellbeing virtual cycle race, held by EMCOR UK to coincide with the Tour de France.

A plane in Flybe's latest purple livery.

Regional airline Flybe has confirmed its 2015-16 winter schedule to and from Stansted.

The head office of BT, the BT Centre, in Newgate Street, central London.

Thousands of BT workers are to share in a £265million payout under share-related savings schemes which will see some employees making gains of more than £54,000.

Lloyds has added £1.4billion to its bill for compensating customers mis-sold payment protection insurance.

State-backed Lloyds Banking Group’s provision for payment protection insurance mis-selling has topped £13billion after it yesterday took another £1.4billion hit over the scandal.

A computer-generated image of how the Sizewell complex will look after construction of Sizewell C.

Development of Sizewell C took a huge step forward today as the companies were announced that will build its sister nuclear power station in Somerset.

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

Most read

Most commented

Topic pages