British Gas profits fall

28 July 2016
British Gas profits fall

British Gas have seen their profits fall by 7% in the first half of the year, thanks in part to almost 400,000 customers switching energy suppliers.

As previously reported, people are looking more toward independent energy suppliers, rather than going with the big guns.

Centrica, the owner of British Gas, said that their UK home operating profit dropped to £516 million in the six months to 30 June. Still a tidy amount of money, but they won't be happy about that.

British Gas are seen by many consumers as everything that's wrong with the energy market, with energy companies overcharging customers for a while now.

However, Centrica had to nod to Brexit, saying that "the result creates general uncertainty which adds to challenges for UK businesses in all sectors, with implementation plans as yet unclear."

Centrica continued: "The UK is now a major energy importer and what happens in the European energy market will ultimately impact energy consumers in the UK. We will continue to engage with the UK Government and the European Commission as we move forward."

It might be more to do with the fact that people feel like they've been ripped off, rather than political jitters.

Centrica chief executive Iain Conn said: "The first half of the year has been demanding for Centrica, but the response has been strong and I am encouraged by the progress we have made."

"I remain confident in our ability to deliver both attractive returns and underlying cash flow growth, as we continue to implement our strategy."

TOPICS:   Utilities

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1 comment

  • Raptorcigs

    Cannot abide BG since they over priced me 5k for a full heating system which would have been worse,i mean £45 for the supply of  a rad valve,what a joke

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