13 February 2020
"2019 was a challenging year with operating profit and earnings materially impacted by a challenging environment, most significantly the implementation of the UK default tariff cap and falling natural gas prices. Against this backdrop, Centrica delivered growth in customer accounts, higher net promoter scores and significant cost efficiencies in excess of our target.”
Full year adjusted operating cash flow and net debt were within 2019 target ranges. Performance during the second half was, as expected, much improved compared to the first half, demonstrating momentum as we enter 2020.
In addition to pursuing the planned divestments of Spirit Energy and Nuclear, our focus in 2020 is on continuing to grow customer relationships, delivering further efficiencies, continuing to build on our customer-facing capabilities and maintaining financial discipline. New services and solutions capabilities mean we are well positioned to meet our customers’ increasing demands to transition to a lower-carbon future.
Group revenue - The Group has amended the presentation of certain energy derivative contracts and re-presented prior period accordingly.
Group Net Debt - includes an impact of Centrica adopting IFRS 16 from 1 January 2019 of £394m.