Centrica swings to interim statutory operating loss

(Sharecast News) - Energy and services firm Centrica said on Thursday that it had swung to a statutory operating loss in the six months ended 30 June. Centrica reported a statutory operating loss of £69.0m in H125, down from H124's £1.67bn operating profit and including a net loss on re-measurements of derivative energy contracts and impairments of assets of £618.0m, while adjusted underlying earnings fell from £1.43bn to £900.0m amid "a challenging backdrop". Statutory losses per share came to 5.1p, down from FY24's statutory earnings per share of 25.1p.

The FTSE 100-listed group said net operating cash flow sank from £798.0m to £294.0m, while net cash from investing activities fell from £183.0m to £13.0m, free cash flow dropped from £816.0m to £244.0m, and net cash contracted from £3.21bn to £2.49bn. Capital expenditure, on the other hand, rose from £221.0m to £244.0m.

However, Centrica increased its interim dividend by 22% to 1.83p, in line with the company's intention to raise its FY dividend to 5.5p per share.

Customer numbers increased by 81,000 in British Gas Energy residential, including net organic growth of 12,000, by 17,000 in Bord Gáis Energy and by 7,000 in small business customer sites.

Chief executive Chris O'Shea said: "I'm pleased with the progress we've made in some areas during the first half despite a challenging backdrop."

As of 0820 BST, Centrica shares were down 0.79% at 157.50p.

Reporting by Iain Gilbert at Sharecast.com