The British energy provider and owner of British Gas–Centrica– has announced news on its earnings for the half-year period ended 30 July 2018.
As reported in Centrica’s group’s consumer supply arm has experienced a 20% drop in adjusted operating profits to £430 million. Company-wide, the six-month operating profits fell 4% to £782 million. According to the group chief executive Iain Conn, these are results of ‘rapidly rising commodity prices, extreme weather patterns, continued competitive pressures, and ongoing political and regulatory uncertainty.’
In the first half of 2018, the company also lost 341,000 household accounts, as customer switched from Centrica and its fellow large energy suppliers to smaller competitors, offering cheaper prices.
However, Iain Conn insisted that the rate of customer exodus had halved since last year.