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Centrica hikes dividend as profits at British Gas soar
  + stars: | 2023-07-27 | by ( ) www.cnbc.com   time to read: +2 min
Britain's Centrica announced bumper returns for shareholders on Thursday after its first-half profits surged on an almost ten-fold increase at its British Gas supply business. Centrica has doubled its support package for struggling customers to 100 million pounds ($130 million), it added. The British Gas Energy supply division posted adjusted profits of 969 million pounds versus 98 million a year earlier. The firm said it would invest 4 billion pounds by 2028 on security of supply, energy flexibility and renewable power. Overall, Centrica's adjusted operating profit for the first six months of 2023 rose to 2.08 billion pounds from 1.34 billion pounds a year earlier.
Persons: Britain's Centrica, Chris O'Shea, Centrica, O'Shea Organizations: British Gas, British Gas Energy, EDF's Locations: Ukraine
July 27 (Reuters) - Britain's Centrica (CNA.L) proposed a 33% increase in its interim dividend on Thursday after posting a jump in first-half profits, buoyed by higher returns from its British Gas supply business. The British Gas Energy supply division posted adjusted profits of 969 million pounds ($1.25 billion) compared with 98 million the same period last year. Centrica said some 500 million pounds of this related to changes to the regulator's price cap which allowed the company to recoup previously lost costs. The company also announced plans to invest 4 billion pounds by 2028 on security of supply, energy flexibility and renewable power. Overall Centrica's adjusted operating profit for the first six months of 2023 rose to 2.08 billion pounds up from 1.34 billion pounds a year earlier.
Persons: Centrica, Susanna Twidale, Prerna Bedi, Varun, Sharon Singleton Organizations: British Gas, British Gas Energy, Thomson Locations: Britain, London, Bengaluru
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