Nov 22, 2018

Centrica shares down 8% after customer numbers fall

Centrica, the owner of British Gas, lost 372,000 home energy customers in the four months to the end of October as high levels of competition continue to weigh on large UK energy providers. Shares in Centrica dropped 8 per cent to 134p on the news. Iain Conn, Centrica's chief executive, said: "Our efficiency delivery and new customer propositions are helping to offset the effects of strong competition and regulation in energy supply." Centrica said on Thursday it had been hit by reduced output in its oil and gas business, where its subsidiary Spirit Energy's forecast production for 2018 fell to about 47.5m barrels of oil equivalent from around 50m in June as a result of unplanned outages and operational issues. Centrica expects to hit its full year targets, with a total 2018 adjusted operating cash flow of £2.1-£2.3bn..

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