Exceptional items dent Centrica's profits
Gas and electricity provider Centrica said it put in a resilient performance in challenging conditions in 2011.
Gas and electricity provider Centrica said it put in a resilient performance in challenging conditions in 2011.
Revenue edged up to £22.8bn from £22.4bn in 2010, ahead of market expectations of £21.9bn. The British Gas owner, which has been buying up its own energy producing assets of late to ensure a source of supply, saw underlying profit before tax of £2.06bn, versus expectations of £2.17bn. Exceptional items, however, put a £794m dent in those profits, reducing them to £1.27bn, down from 2010's £2.81bn; the 2010 figures benefited from exceptional credits of £880m.
Start your trial of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
