British Gas owner Centrica is optimistic after solid four months | Business News


British Gas owner Centrica says it expects to achieve full-year adjusted earnings per share at the top of the range forecast by analysts.

It comes after a strong operational performance in the first four months of the year, but also as calls grow for energy firms to face a windfall tax to ease the cost of living crisis.

Centrica said its nuclear and gas production assets in the UK had secured increased volumes of gas and renewable energy, improving security of supply for the UK and Europe at a time of pressure due to the Russian invasion of Ukraine.

It also said that it has “managed increased commodity price volatility well” in recent months.

But it warned that supply disruptions and higher inflation are likely to continue to offset operational progress.

It said: “In British Gas Services & Solutions we have seen some supply chain disruption and higher inflation impacting both the cost base and customer demand.

“We expect those headwinds to continue to, at least partially, offset underlying operational progress for the duration of this period of higher inflation.

“Significant uncertainties remain over the balance of the year, including the impacts of weather, commodity price movement, asset performance and the potential for increased bad debt charges given the current inflationary pressure in the UK.”

The company will report its interim results on 28 July.


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