British Gas profits plunge 26%
British Gas profits fell by a quarter in the first half of the year, owner Centrica reported today as it came under renewed pressure over household bills.
The group said operating profit for the period was 26% lower than last year at £265 million at its UK residential energy supply arm as earnings were dented by the mild weather.
It said profit margins from the business would be lower for the year, despite new figures from regulator Ofgem suggesting that suppliers were making an increasing amount of money from the typical household, up to £106 for the coming year.
Adjusted operating profit for the wider Centrica group was also hit in the first half, falling 35% to £1.03 billion.
Chief executive Sam Laidlaw said: "With challenging trading conditions on both sides of the Atlantic in the first half, earnings will be lower in 2014 than in 2013. However, the group is well positioned to return to growth in 2015.
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