Centrica Preliminary Results for the year ended 31 December 2011
Operating and financial overview
Resilient financial performance in challenging conditions
- Adjusted earnings up 3% to £1,333 million; 25.8 pence adjusted basic earnings per share
- British Gas Residential operating profit* down 30% to £522 million
- Upstream UK operating profit* up 33% to £1,023 million
- North America operating profit* up 33% to £312 million
- Adjusted tax charge^ increased from £761 million to £891 million; 40% effective tax rate^
- £500 million cost reduction programme underway to maintain competitiveness and enable growth
Delivering investment for growth
- £1.6 billion invested in 2011; already announced a further £1.4 billion of acquisitions for 2012
- Established long term strategic partnerships with Qatargas and Statoil
- Commitments to secure gas for the UK now total over £50 billion
- Upstream UK gas and oil production expected to increase by over 25% in 2012
- Lincs offshore windfarm on track to produce first power this year
Delivering for customers
- First of the major energy suppliers to cut prices in 2012
- Cheapest standard electricity of any major supplier at average consumption
- Actual household dual fuel bill £37 lower on average in 2011 at £1,024
- Introduced tariff checker for customers
- Widest eligibility for Warm Home Discount
Delivering for shareholders
- Full year dividend up 8% to 15.4 pence per share, reflecting long-term growth through investment
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