The Group announces that it continues to trade in line with the guidance provided in its Interim Management Statement on 9 May 2011.
Group earnings for the first half of 2011 are expected to be lower than in 2010. Downstream UK residential energy operating profit is expected to be around half the level achieved in the first half of 2010, reflecting the impact of higher commodity and non-commodity costs, and lower consumption. This is expected to be partially offset by higher operating profit in the Upstream UK and North American businesses, but upstream earnings in the UK are now more highly taxed, and profits from our gas storage business will be significantly lower. However, as stated in the Interim Management Statement, full year earnings are expected to show year on year growth, subject to the usual variables, particularly retail margin recovery and weather.
Centrica's interim results for the first six months of 2011 are due to be released on 28 July 2011.