British Gas profits at residential supply arm surge by 31%

Updated

British Gas has fuelled further controversy over energy prices as it announced profits at its residential supply arm surged by 31% in 2015.

It said operating profits jumped to £574 million last year from £439 million a year earlier thanks to higher energy demand, although wider group underlying earnings at owner Centrica fell 12% to £1.46 billion.

The results come a week after British Gas became one of the last Big Six providers to lower gas prices in the recent round of reductions, with a 5.1% decrease from March 16.

The industry has been criticised for being slow to pass on falls in wholesale gas prices, with consumer groups hitting out at the size and timing of cuts.

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