Company News

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

"In 2010 we delivered a strong operational and financial result, reflecting the contribution from the enlarged upstream business in the UK, together with good downstream performance in both the UK and North America. Our investment programme for 2011 and beyond will enable continued growth for the benefit of all our stakeholders, offering a competitive deal for customers, creating further job opportunities, and delivering superior financial returns for our shareholders."

Sam Laidlaw, Chief Executive

View the full announcement 

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