16 February 2023

Centrica saw a strong operational and financial performance in 2022, benefiting from a balanced portfolio

Strong gas production and electricity generation against a backdrop of higher commodity prices and strong management of increased commodity volatility in Energy Marketing & Trading (EM&T)

Closing adjusted net cash of £1.2bn at the end of 2022 compared to £0.7bn at the end of 2021

The company invested over £200m in customer service, support and pricing, helping customers and communities through the energy crisis

Paid ~£1bn in tax relating to 2022 profits

2022 full year dividend of 3.0p. Intention to extend existing £250m share buyback programme by an additional £300m.

2023 07 10 15 05 36 Centrica Preliminary Results 2022 Youtube 2:06 video

Hear from Chris O'Shea, Centrica CEO

Helping customers and communities through the energy crisis

  • Invested over £200m in customer service, support and pricing across the Company. 
  • Supported and helped 650,000 customers manage their energy bills since the start of the energy crisis. 
  • Paid ~£1bn in tax relating to 2022 profits. 
  • Materially helped UK energy security of supply with the reopening of Rough, and a new gas supply agreement with Equinor sufficient to heat 4.5m homes.

“Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet. The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support”

Chris O'Shea, Group Chief Executive

Strong operational and financial performance from a balanced portfolio 

  • Adjusted basic EPS of 34.9p (2021: 4.1p); 34.2p excluding Spirit Energy disposed assets.
    • –Strong gas production and electricity generation against a backdrop of higher commodity prices.
    • – Strong management of increased commodity volatility in Energy Marketing & Trading (EM&T).
    • – Lower retail adjusted operating profit including a small loss in British Gas Services & Solutions, reflecting weak commercial performance and investment in customer service, support and pricing.
  • Statutory basic EPS loss of 13.3p (2021: profit of 20.7p) including a £2.4bn loss on certain re-measurements after taxation, largely reflecting the revaluation of UK energy supply hedging positions due to wholesale gas and power price falls towards the end of 2022.
  • Group free cash flow from continuing operations of £2.5bn (2021: £1.2bn), including some big swings in working capital with £1.1bn inflow in British Gas Energy reflecting the short-term acceleration of cash flows from government support schemes and a £1.6bn build in EM&T and Centrica Storage.
  • Statutory net cash flow from operating activities of £1.3bn (2021: £1.6bn) includes £1.2bn of margin cash and collateral outflow to support hedging and trading activity. 
  • Closing adjusted net cash of £1.2bn at the end of 2022 compared to £0.7bn at the end of 2021.

Further Reading

Snapshot of 2022 Results

Adjusted operating profit, excluding disposed Spirit Energy assets

£2,823m

2021: £392m

£2431m

British Gas Energy adjusted operating profit

£72m

2021: £118m

-£46m

Full year dividend per share

3.0p

2021: nil

3.0p

Adjusted earnings per share, excluding disposed Spirit Energy assets

34.2p

2021: 2.8p

31.4p

Free cash flow from continuing operations

£2,487m

2021: £1,174m

£1,313m

Adjusted net cash

£1,199m

2021: £680m

£519m