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Chris O'Shea, Group Chief Executive 

"We started a major transformation of the Company during 2020. Against the continuing uncertain backdrop caused by the Covid-19 crisis, I am truly grateful for the efforts of all my colleagues, as we kept our customers warm, safe and supplied with energy and services and protected the business.

We have made a good start to the turnaround of Centrica, with the sale of Direct Energy now complete and our significant Group restructure on track. However, our journey to transform has only just started, as we seek to restore shareholder value by improving customer experience, retention and employee engagement, while maintaining a strong balance sheet. It won’t be easy, but I am confident we have the people, the brands and the market positions to deliver a successful turnaround in the coming years."

Turnaround of Centrica started

  • Major transformation of Centrica underway.
  • Completion of Direct Energy sale in January 2021 strengthens the balance sheet and allows an increased focus on core UK and Ireland activities.
  • Significant restructure to simplify and modernise the Group on track.
  • Increased focus on fixing the basics. Customer service levels broadly maintained. Customer numbers broadly unchanged over H2 compared to a 2% drop in H1.

Resilient 2020 financial performance

  • Group adjusted basic EPS of 6.5p, down 11%.
  • Adjusted operating profit from continuing operations (excluding Direct Energy) down 31% to £447m and adjusted basic EPS from continuing operations of 2.8p, down 35%.
    • Reflects negative impacts of Covid-19, warmer weather and low commodity prices.
    • Partly offset by efficiency benefits, a strong trading and optimisation result and lower depreciation.
  • Total exceptional charges in Group operating profit from continuing operations of £1,593m, including restructuring and pension strain costs of £274m and impairments of £1,319m.
  • From continuing operations, statutory operating loss of £362m (2019: £783m loss), statutory EPS loss of 4.7p (2019: 16.8p loss), statutory net cash flow from operating activities down 1% to £957m.

Balance sheet strengthened

  • Total Group free cash flow up 10% to £1,061m and net debt down £0.4bn to £2.8bn, reflecting a tight focus on cash expenditure and prompt and prudent actions taken in response to Covid-19.
  • IAS19 pension deficit of £601m and technical pension deficit of £1.9bn on a roll-forward basis at 31 December 2020. Next triennial pensions valuation scheduled for 31 March 2021.

Creating a more sustainable and profitable company

  • Significant uncertainties continue into 2021. No specific earnings or cash flow guidance provided.
  • Strengthened balance sheet and continued tight focus on cash flow generation and expenditure leave Centrica well placed to navigate future uncertainties.
  • Focus remains on adding shareholder value through simplifying and modernising the Group and improving the long-term quality, sustainability and level of earnings and cash flow.
  • Intention remains to sell Spirit Energy. Nuclear divestment process remains paused.
  • New climate change ambitions for Centrica to become net zero by 2045 and help our customers be net zero by 2050 are aligned to potential growth opportunities.
  • Intend to set out longer-term strategy in H2 2021.

Financial summary

Year ended 31 December




From continuing and discontinued operations 1








Group adjusted operating profit




Group adjusted basic earnings per share (EPS)




Full year dividend per share




Group free cash flow




Group net debt




Group net debt (including margin cash)




Statutory operating profit / (loss)




Basic earnings per share




Statutory net cash flow from operating activities




From continuing operations








Adjusted operating profit




Adjusted basic earnings per share




Free cash flow




Statutory operating (loss)




Exceptional items included in statutory operating (loss)




Basic earnings per share




Statutory net cash flow from operating activities




See notes 2, 5 and 10 to the Financial Statements and pages 64 to 65 for an explanation of the use of adjusted performance measures.

1. The Group has amended the presentation of certain energy derivative contracts and re-presented prior period accordingly. See note 1 to the Financial Statements for further details.


Group performance indicators

Year ended 31 December




Total recordable injury frequency rate (per 200,000 hours worked)




Total residential customers (‘000) 1




Group Brand NPS




Group direct headcount




Group employee engagement (%)




1. Includes British Gas Energy, British Gas Services and Bord Gáis Energy. Excludes Direct Energy.



Investor Presentation

A pre-recorded results presentation will be available on at 8am GMT on 25 February 2021 and Centrica will host a conference call for institutional investors and analysts at 10.30am GMT on 25 February 2021. To register for the call please visit:

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