Centrica Says on Track to Hit 2017 Targets Despite Tough 2nd Half

By Adria Calatayud Features Dow Jones Newswires

British utility company Centrica PLC (CNA.LN) said Thursday that it is on track to achieve its 2017 targets, but warned that its energy supply businesses have had a disappointing second half.

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The owner of British Gas expects full-year adjusted earnings per share of around 12.5 pence, below market consensus. This reflects the impact of a one-off, non-cash charge of 46 million pounds ($61.1 million) in its North America business, Centrica said.

Lower-than-expected adjusted operating profits in both its North America and U.K. operations have affected the company in the second half, it said, as has the unusually warm weather both regions experienced in October and November.

Centrica raised its full-year efficiency-savings objective to GBP300 million from GBP250 million, and backed the rest of its 2017 targets for operating cash flow, investments and net debt.

The company's energy-supply accounts have fallen due to its focus on customer value, it said, adding that trading conditions continue to be highly competitive.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

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(END) Dow Jones Newswires

November 23, 2017 02:48 ET (07:48 GMT)