Centrica PLC (LSE:CNA) has begun buying back an additional £300 million worth of shares to take repurchases to £1.5 billion since November 2022.
British Gas owner Centrica on Friday noted the buyback extension would be completed by September 2025 and see approximately 4.6% of its issued shares repurchased.
Some 20% of Centrica’s issued capital would have been bought back between November 2022 and September 2025 as a result, Centrica said in a previous update.
Goldman Sachs and Merrill Lynch would carry out the latest buyback on its behalf, Centrica added.
British Gas had been among firms to see profits spike as prices skyrocketed for consumers during the energy crisis.
Centrica guided for mean net cash of £2.56 billion for 2024 previously, though profits have scaled back since the crisis after the likes of allowances for firms to recoup consumer debt in Ofgem’s energy price cap ran their course.