British Gas owner sees profits fall (pass the hankies)

19 February 2015

British Gas guide Ôjargon free'The owner of British Gas, Centrica, have said that they've had a big fall in profits thanks to nice weather and the drop in oil prices. Seeing as they stuck our bills up, seemingly needlessly for so long, it'd be funny if they expected anyone to feel sorry for them.

Centrica's full-year operating profits fell by 35% to £1.75bn, which means that British Gas profits from residential business fell by 23% to £439m. Isn't it awful when you're still making a profit, but not as much as you normally do?.

Giving everyone the doe-eyes, Centrica said the price of oil and gas had forced them to write off £1.4bn from their balance sheet and that they were going to have to put off capital investment in the North Sea. They added: "Other companies are doing the same thing. It's difficult, but it is what we have to do to position the company sustainably."


On Radio 4, Centrica honcho Iain Conn, said that "2014 was not the year we had planned it to be", adding that his company continued "to face a number of challenges as we enter 2015, particularly the significant further reductions in wholesale oil and gas prices since the middle of December".

Quick reminder. The company still have £1.75bn in profit, so when they're complaining about people's bills being £10 lower than they were 2014, like it's our fault, don't feel too bad. It seems, as a nation, we don't, as for the last couple of years, British Gas have been losing a lot of customers, with 368,000 leaving them in 2014. The reason customers left? British Gas whacking everyone's bills up.

So there you have it. British Gas' owners want you to feel bad for them. If you want to kick them while they're 'down', then here's how to switch your energy account and get with a company that's less emo.

TOPICS:   Utilities   How To Guides


  • jim
    fuck em. we should re-nationalise all our power anyway. why should all these jerks take our money and give themselves crazy bonuses. then not invest in infrastructure - because they dont have to do they. grrr
  • Albi
    If they're all supposed to have bought and paid for their energy 2 years ago, why have they all dropped their prices? That just means they've slashed their margins by 5% overnight, instead of saying "we'll drop our prices in spring 2016" or whatever. It's almost as if their buying in advance tales of woe is absolute bollocks or something.

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