Centrica profit leaps 40 percent
Centrica reported a 40 percent increase in year profit on Thursday after lower wholesale gas prices improved the profitability of its domestic British Gas business, but it said margins were now tightening again.
Posted: Thursday, February 21, 2008, 9:25 (GMT)
Centrica reported a 40 percent increase in year profit on Thursday after lower wholesale gas prices improved the profitability of its domestic British Gas business, but it said margins were now tightening again.
Group operating profit was 1,949 million pounds in 2007, compared with 1,392 million pounds in 2006.
"The favourable commodity picture we experienced in the first half of the year, which drove higher profits in the residential supply business and which was behind the stronger 2007 earnings, is unlikely to be repeated in 2008," it said in a statement.
"Wholesale energy prices remain extremely volatile and the high gas price at the start of 2008 has squeezed retail supply margins in the UK," it added.
The full-year dividend was increased 17 percent to 13 pence a share.
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