Preliminary results for the year ended 31 December 2010

Centrica Preliminary results for the year ended 31 December 2010

Operating and financial overview:

  • Strong operational and financial result
  • Continued growth in British Gas
    • 267,000 increase in residential energy customer accounts reflecting our competitive pricing position
    • Rising wholesale energy prices resulted in lower profits* in the second half of the year
    • Record levels of Services call-outs during cold weather. 265,000 increase in customer accounts in Services. Flexibility greatly enhanced through new engineer working practices
    • Further growth in British Gas Business; profit* up 25% on average over the past five years
  • Delivering value from enlarged upstream business
    • Upstream gas and oil production volume up 43%; strong Morecambe performance and a full year's contribution from Venture
    • 163% production replacement ratio in UK upstream gas and oil. Excellent drilling success
    • Strong power optimisation performance in difficult market conditions
  • North American performance significantly improved, particularly in residential and business energy supply. Lower wholesale prices in North America impacted the upstream business
  • £1.7bn invested in 2010; £1.5bn organic investment programme for 2011
  • £450m investment approved to develop York and Ensign gas fields in the UK North Sea
  • Creating 2,600 skilled jobs in 2011
  • Full year dividend up 12% to 14.3 pence per share


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