Centrica’s first-half revenue rose 1% to £10.2bn.
Half-year underlying cash profit (EBITDA) fell 18% to £737mn (£777mn expected).
Interim dividend increased 9% to 2.0p per share.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“It was a soft start to the year for British Gas owner Centrica, with profits falling faster than expected during the first half. In its Retail division, customer satisfaction scores continue to rise thanks to the group’s efforts to improve service. Despite this, customer numbers fell marginally as they continued to shop around for the best deals. Profitability in the division has also been under pressure as warmer weather meant that customers turned on the heating less in the first half, and bad-debt charges rose to elevated levels as customers struggled to pay their energy bills.
On the face of it, the Infrastructure division had a tough first half, with profits falling 30%, largely reflecting disposals in Spirit Energy. Nuclear was also a drag as planned and unplanned outages weighed on generation volumes. Despite this, the division’s performance has been better than management originally expected, and its full-year underlying cash profit guidance has been upgraded to £650-750mn. The £370mn acquisition of the Severn power plant and a big step up in investment levels have taken their toll on cash flows in the first half. The balance sheet remains in decent shape and should help support the group’s mammoth investment plans. Although the longer-term picture remains favourable for Centrica, pressure is now building for these investments generating returns sooner rather than later."
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