Company News

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

"2011 was a tough year, both for Centrica and our customers. But the strength of our integrated business and balance sheet means we've been able to take the lead in helping customers through these difficult times, as well as delivering growth and making the investments on which Britain's energy future depends."

Sam Laidlaw, Chief Executive

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