Thursday 23 February 2012

Centrica profits up in ‘tough year’

Centrica profits up in ‘tough year’

Centrica made £52 profit from every home it supplies last year. It revealed this today in its annual report, which showed earnings were £1.3 billion.

A fifth of Centrica's profits were made in the domestic sector, while the bulk came from the upstream oil business (42%) which made £1,023 million.

Centrica said British Gas's residential profits fell by 30% because it absorbed the impact of higher wholesale prices and warmer weather.

Sam Laidlaw, Centrica's Chief Executive (pictured) said: "2011 was a tough year, both for Centrica and our customers. But the strength of our integrated business and balance sheet means we've been able to take the lead in helping customers through these difficult times, as well as delivering growth and making the investments on which Britain's energy future depends."

But the parent company's profit could raise eyebrows as energy suppliers are increasingly taking the flak for making excessive profit when the poorest householders are facing fuel poverty.

Some figures from Consumer Focus suggest one in four Brits spend more than 10% of their disposable income on fuel.

Written by

Bruna Pinhoni

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