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Centrica plc 2007 Preliminary results

for the year ended 31 December 2007

Summary

Financial overview:

  • Group results in line with trading update in December 2007
  • Revenue^ down 0.4% at £16.3bn
  • Operating profit*^ up 40% to £1,949m
  • Earnings*^ up 60% to £1,121m
  • Adjusted basic earnings per share up 58% to 30.6p
  • Recommended final dividend of 9.65p/share, full year dividend of 13p/share, up 17%

Operating overview:

  • Growth in Group profits driven by strong first six months
  • British Gas Residential customer service significantly improved. Over 200,000 customers returned to British Gas in the second half
  • Gas production volumes up 18% on prior year
  • Investment in upstream asset base up 71% on prior year at £801m
  • Growth businesses all produced record profits

"2007 was a year of substantial achievement for Centrica during which we made further progress on addressing the key priorities for the business. This will enable us to move forward with a leaner and more focused business and to concentrate on securing growth in the competitive markets in which we operate".

Sam Laidlaw, Chief Executive

Statutory results:

The statutory results include exceptional items and certain re-measurements which are explained in the Group financial summary and disclosed in note 3.

  • Operating profit £2,184m (2006: £130m)
  • Earnings £1,505m (2006: Loss of £155m)
  • Basic earnings per ordinary share 41.0p (2006: Basic loss per ordinary share 4.3p)

* including joint ventures and associates net of interest and taxation, and before exceptional items and certain re-measurements
^ from continuing operations