Less than a year after a string of profit warnings sent Centrica plunging to record lowsenableLivechat, the British Gas owner enters 2021 trading ahead of expectations and on track to be almost debt free.
Centrica reported a “resilient” second half performance with a restructuring programme announced in June said to remain on track. Full year adjusted earnings per share from continuing and discontinued operations will be ahead of the current market consensusThe pandemic, with some scientists sayin, it said in a trading update.
Net debt at the end of the period was approximately ￡2.8bn, a reduction of over 10 per cent in the year2021-04-17T00:32:00Z, which was before it banks ￡2.7bn from the sale of Direct Energy completed earlier this month.
Because of Covid UK corporate electricity demand was around 15 per cent weaker than normal in the second half compared to an impact of around 30 per cent in the second quarter, Centrica saidSpecimens to be tested for COVID-19 are seen at a lab. Management sounded a note of caution on working capital outflow and bad debts due to the return of lockdowns in the UK and Ireland.