Centrica's Revenue, Profit Rises; on Track to achieve 2017 Targets
Energy services group Centrica PLC (CNA.LN) said Tuesday it is on track to achieve its 2017 group targets as it reported higher revenue and earnings before interest, taxes, depreciation and amortization, or Ebitda, for the half-year.
The gas and electricity supplier's Ebitda during the six months ended June 30, was up 2% at 1.29 billion pounds ($1.70 billion) from GBP1.27 billion a year earlier. Revenue rose 7% to GBP14.3 billion from GBP13.4 billion.
The group's adjusted earnings were 11% lower at GBP449 million from a year earlier, including the impact of lower capitalized interest, it said.
Centrica said it delivered GBP124 million of cost efficiencies in the first half and remained on track to hit GBP250 million over the full year, taking total savings since 2015 to nearly GBP650 million in its GBP750 million efficiency program.
"Centrica delivered a solid first half financial performance despite reduced energy demand due to warm weather and strong competitive pressures, and we remain on track to achieve the 2017 targets we set out in February," Group Chief Executive Iain Conn said.
Also on Tuesday, Centrica said it will increase the price of electricity on the British Gas standard tariff by 12.5% from mid September but said gas price will to be held at current levels.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet
(END) Dow Jones Newswires
August 01, 2017 03:05 ET (07:05 GMT)