Centrica profits down

Centrica has announced that its profits for the first half of 2011 are expected to be lower than in 2010. Downstream efforts in the UK could be half of those […]

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By Vicky Ellis

Centrica has announced that its profits for the first half of 2011 are expected to be lower than in 2010. Downstream efforts in the UK could be half of those for the same period last year.

The parent company of British Gas puts this down to higher costs for commodities and non-commodities and lower consumption.

A statement from the firm said that earnings for the whole year should be up on last year, despite higher taxes on upstream earnings in the UK and significantly lower profits from their gas storage business.