Centrica Says on Track to Hit 2017 Targets Despite Tough 2nd Half
November 23 2017 - 03:03AM
Dow Jones News
By Adria Calatayud
British utility company Centrica PLC (CNA.LN) said Thursday that
it is on track to achieve its 2017 targets, but warned that its
energy supply businesses have had a disappointing second half.
The owner of British Gas expects full-year adjusted earnings per
share of around 12.5 pence, below market consensus. This reflects
the impact of a one-off, non-cash charge of 46 million pounds
($61.1 million) in its North America business, Centrica said.
Lower-than-expected adjusted operating profits in both its North
America and U.K. operations have affected the company in the second
half, it said, as has the unusually warm weather both regions
experienced in October and November.
Centrica raised its full-year efficiency-savings objective to
GBP300 million from GBP250 million, and backed the rest of its 2017
targets for operating cash flow, investments and net debt.
The company's energy-supply accounts have fallen due to its
focus on customer value, it said, adding that trading conditions
continue to be highly competitive.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
November 23, 2017 02:48 ET (07:48 GMT)
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