Energy price boost
Profits surge at British Gas owner Centrica
Centrica, which trades as British Gas and Scottish Gas, has posted a surge in profits following the soaring price of wholesale energy last year.
Operating profits of £3.3billion were recorded at the company, up from £948m in 2021, and surpassing the previous highest ever yearly profit of £2.7bn, posted in 2012.
It has rewarded shareholders with a recommended 2p a share final dividend, three years after cancelling the pay-out due to the pandemic. It is extending its share buyback programme by £300 million.
Most of the profit came from its nuclear and oil and gas business, rather than from the British Gas energy supply business, which contributed £72m out of the £3.3bn profit.
The figures come after the company was criticised over its use of debt agents to force-fit prepayment meters in the homes of vulnerable customers.