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Centrica plc is an integrated energy company operating predominately in United Kingdom and North America. In the United Kingdom, it operates three segments: upstream, downstream and storage.
Centrica says full year profits rise 1pctFebruary 23 2012, 9:12am
British Gas parent company Centrica (LON:CNA) achieved low profit growth of just one percent in 2011 thanks to a mild winter and price cuts.
In its 2011 results report, the group said its adjusted earnings rose three percent to £1.33 billion during the "tough" year, while earnings per share stood at 25.8 pence. Profits were up one percent at £2.42 billion on revenues of £22.8 billion, up two percent from 2010.
A 33 percent jump in Centrica’s upstream operating profits to £1.2 billion offset a 30 percent slide in British Gas residential profits to £522 million, which came as the average household bill fell £37 to £1,024 compared with 2010.
Centrica expects the performance of its upstream business to improve further, eyeing a 25 percent jump in oil and gas production in 2012.
“2011 was a tough year, both for Centrica and our customers,” said Centrica chief executive Sam Laidlaw.
“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.”
The group has decided to raise its dividend by eight percent to 15.4 pence to reflect “long-term growth through investment”.
Shares in Centrica rose 0.4 pence to trade at 293.9 pence at 8:45 am, giving the group a market cap of £15.2 billion.