Tuesday 26 September 2017

Centrica second earnings rise 2pc on North Sea output

British Gas owner Centrica provides gas and electricity to almost 16 million households
British Gas owner Centrica provides gas and electricity to almost 16 million households

BRITISH utility Centrica posted a 2pc rise in adjusted earnings over the first half of the year, spurred by higher output from North Sea gas fields.

The company made £767m in adjusted earnings and overall revenue rose 14pc to £13.7bn, Centrica said on Wednesday.

Its upstream business posted a 16pc rise in operating profit to €802m as production from its Norwegian fields more than doubled year on year.

Operating profit at the company's U.S. retail arm increased by 6pc and Centrica emphasised North America was more attractive than the UK for acquisitions.

"The low gas price makes acquisitions in North America relatively attractive compared to the UK, where costs are increasing," Centrica said in its half-year statement.

The utility on Tuesday announced the acquisition of Hess Corp's energy retail business for about $1bn.

Online Editors

Also in Business