Home Business NewsBusiness British Gas profits stink as 400,000 customers choose other suppliers

British Gas profits stink as 400,000 customers choose other suppliers

by LLB Reporter
28th Jul 16 10:44 am

Bad news for Centrica

British Gas has seen its profits fall by 7% in the first half of the year as over 400,000 customers switched suppliers.

This was due to its parent company’s operating profit dropping to £516m in the six months to 30 June.

Total revenue fell 13% to £13.3bn and operating profit fell by 12% to £853m.

Residential customers numbers fell by 3%, or 399,000 after rivals bagged Centrica’s customers.

Centrica said: “The UK is now a major energy importer and what happens in the European energy market will ultimately impact energy consumers in the UK. We will continue to engage with the UK Government and the European Commission as we move forward.”

Iain Conn, group chief executive, said: “The first half of the year has been demanding for Centrica, but the response has been strong and I am encouraged by the progress we have made. We are delivering underlying performance improvement and are building a robust platform for customer-focused growth.

“I remain confident in our ability to deliver both attractive returns and underlying cash flow growth, as we continue to implement our strategy.”

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