5 June
2024
Centrica
plc
AGM
Statement
Centrica plc (the "Company") will hold its
Annual General Meeting today at 10.30am at the Hilton Glasgow, 1 William Street, Glasgow G3 8HT.
Ahead of the Company's 2024 Interim Results, which will be released
on the 25 July 2024, the Company provides the following update on
its trading performance.
The Company's performance so far this year has
been in line with expectations against the backdrop of a more
normalised external environment.
·
All Retail Supply and Optimisation businesses to
be within their medium-term sustainable adjusted operating profit
ranges in 20241, two years ahead of schedule.
·
British Gas Services & Solutions expected to
deliver an improved financial result compared with last year,
underpinned by strong operational performance, as it continues
recovery towards its medium-term sustainable adjusted operating
profit range1.
·
The Company's hedging policy will underpin a
resilient first half for its Infrastructure businesses. Second half
results are expected to reflect lower commodity prices and, for
CES+, lower seasonal gas price spreads and volatility.
·
Full year group adjusted earnings per share are
expected to be in-line with consensus analyst
expectations2, with the usual uncertainties remaining
for balance of year, including weather, commodity prices, and
regulation and government policy.
·
As is normal, group profitability to be strongly
weighted to the first half of the year.
The Company continues to take steps to optimise
its financing structure. Following the recent successful
refinancing of our hybrid bond (link
here), yesterday the Company also announced a
liability management exercise to improve balance sheet efficiency.
Further details can be found
here.
Enquiries:
Investors and Analysts:
tel: +44 (0)1753 494900
email: ir@centrica.com
Media:
tel: +44 (0)1784 843000
email: media@centrica.com
Notes:
1. Medium-term
sustainable operating profit ranges: British Gas Residential energy
supply £150m-£250m, British Gas Services & Solutions
£100m-£200m, Centrica Energy £250m-£350m, Bord Gáis and Business
Energy Supply £100m-£200m.
2. As at 4
June 2024, the range of 2024 full year adjusted earnings per share
from 14 sell-side analyst forecasts published since Centrica's 2023
Preliminary Results announcement on 15 February 2024 is 15.8p to
21.0p with a mean consensus of 18.3p.
Centrica
plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire
SL4 5GD
Registered
in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229