Feb 23, 2017
British Gas owner Centrica returns to profit
Centrica, the owner of British Gas, fought back against criticism over the amount it charges customers on controversial standard energy tariffs as it reported a return to profit for last year. The company's share price fell 3 per cent in morning trading on Thursday to 226.5p. Adjusted operating profit at Centrica's UK Home division - British Gas - fell 8 per cent last year to £810m. Domestic customer numbers at British Gas fell 3 per cent in the first half of last year, as the "Big six" energy suppliers faced competition from new market entrants. "A lot of people think we are expensive - we are not," said Mr Conn, pointing out that an average bill for a British Gas customer on a standard tariff was £1,044, compared with a range of £904-£1,191 in the wider market. Last year British Gas's profit margin on the supply of gas to UK homes was 15.1 per cent before tax, although it made a 3.9 per cent loss on the supply of electricity. Nearly three-quarters of British Gas customers are on standard tariffs, according to Ofgem, the energy regulator.
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