British Gas profits down by over a quarter
BG are blaming the mild weather for the slump. CEO Sam Laidlaw put down his chalice of claret and medium rare Wagyu steak and said:
‘With challenging trading conditions on both sides of the Atlantic in the first half, earnings will be lower in 2014 than in 2013. However, the group is well positioned to return to growth in 2015.’
However, operating profits dropping by a quarter is quite a big deal, isn’t it? And this is despite Ofgem arguing that energy suppliers are making more profit than ever off the average home – it goes up to £106 per household this year.
As the Big Six are coming under increasing pressure over household bills, not to mention the massive investigation into profits by the CMA, things must be getting a bit heated at BG.
Do we feel sorry for them that their profits are down?
Sorry, we can’t hear you for the cheering…