Feb 22, 2018
Centrica to shed another 4,000 jobs as profits fall 17%
Centrica, the owner of British Gas, on Thursday singled out the government's impending price cap on energy bills as one of the main reasons for its move to cut another 4,000 jobs, as it reported a 17 per cent drop in group profits. Mr Conn said that by 2020 Centrica will have shed around 9,500 jobs, representing as much as a quarter of the group's workforce at the end of 2014. Centrica, said Mr Conn, was "Halfway through a six-year re-positioning of the company" that would refocus the group on "The core of energy supply and services". The new cuts came as Centrica announced a 17 per cent drop in adjusted group operating profits to £1.25bn for the year to end-December after suffering "Significantly reduced profit" in its business supply division in the UK and North America. Adjusted earnings for the full year were 22 per cent lower to £698m. Investors had feared that Centrica might cut its dividend but the company said it would propose a payout of 12p a share, flat with the year before.
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