Centrica loses further 107,000 customers

However, household account losses were lower than the first half of the year, when the firm dropped 178,000 accounts

Centrica‘s latest trading updates shows the energy firm has lost a further 107,000 household customers in the last four months.

Despite this, the British Gas owner said it remained on track to hit full-year targets after shares rose 5% to 78p.

Household account losses were lower than the first half of the year, when the firm dropped 178,000 accounts.

In terms of total accounts, the firm saw overall growth in the UK, with the number of customers increasing by 136,000 in the four months leading up to October, driven by growth in services and home solutions.

The company notes higher margins and returns in business energy supply in North America, strong trading and optimisation performance in Europe and acceleration of cost efficiency delivery have led to success and helped to offset the impact of further extensions to outages at the non-operated Dungeness B and Hunterston B nuclear power stations.

The company has experienced lower near-term European wholesale gas prices, although it emphasises 2019 earnings from its Exploration & Production business are largely protected by forward hedging.

For the full year, Centrica expects adjusted earnings will be weighted towards the second half of the year, with adjusted operating cash flow to be in the lower half of the targeted £1.8-£2 billion range and year-end net debt to be within the targeted £3-£3.5 billion range.

It expects capital investment of around £800 million, a reduction of £100 million compared to indications at the time of Interim Results and in-year efficiency savings of around £300 million.

Iain Conn, CEO of Centrica Group, said: “Our performance has been solid so far in the second half of the year and we remain on track to achieve our full-year targets for both adjusted operating cash flow and net debt.

“Our focus remains on satisfying the changing needs of our customers, providing energy supply and its optimisation, and services and solutions to enable the transition to a lower-carbon future.”

Latest Podcast