Centrica loses 340,000 customers as profits drop

British Gas owner Centrica lost 340,000 UK customer accounts in the first six months of this year, following the price hike, and also posted a 16 per cent drop in profits in the first half.

While revenue was up 7 per cent in the first half to £15.3bn, the pre-tax profits fell from £637m to £627m amid “ongoing political and regulatory uncertainty”.

Centrica chief executive Iain Conn added: “In a first half in which we experienced rapidly rising commodity prices, extreme weather patterns, continued competitive pressures and ongoing political and regulatory uncertainty, Centrica demonstrated resilience from its portfolio of businesses.

“We are on track to achieve our full year Group financial targets and expect to maintain the full year dividend per share at its current level, subject to delivering adjusted operating cash flow and net debt in line with our target ranges.”