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.
The full year dividend has been bumped up by 8% to 15.4p from 14.3p in 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
More to follow ...
jh
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator