May 10, 2022
Profits at British Gas owner Centrica forecast at top of expected range
British Gas owner Centrica has forecast full-year earnings to be at the top end of analysts' expectations, adding to a bullish mood in the energy industry that has prompted calls for higher taxes to offset surging costs for consumers. Analysts expect the company to make earnings of between 6.7p and 10.8p per share this year, Centrica said on Tuesday, up from 4.1p last year. UK politicians have called for a windfall tax on oil and gas profits, arguing that the proceeds should be used to help people who are struggling with higher energy bills. Centrica said it had secured increased volumes of gas and renewable energy to improve the UK and Europe's security of supply and "Managed increased commodity price volatility well". The company's adjusted operating profits more than doubled last year to £948mn, bolstered by surging profits from its North Sea oil and gas business.
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