Centrica’s profits collapse by 31% in 2020

The energy supplier also reported a £362 million loss from continuing operations

Centrica saw annual underlying operating profits from its operations slump by almost a third in 2020, reaching £447 million.

The owner of British Gas, which predicts that significant uncertainties will continue this year, also reports £362 million loss from continuing operations last year.

However, that level was lower from the £783 million loss posted for 2019.

Centrica said the drop reflects negative impacts of Covid-19, warmer weather and low commodity prices.

Today, the company has also unveiled plans to become net zero by 2045, five years ahead of its previous target and the UK deadline.

Chris O’ Shea, Group Chief Executive at Centrica said: “We have made a good start to the turnaround of Centrica, with the sale of Direct Energy now complete and our significant Group restructure on track.

“However, our journey to transform has only just started, as we seek to restore shareholder value by improving customer experience, retention and employee engagement, while maintaining a strong balance sheet.

“It won’t be easy, but I am confident we have the people, the brands and the market positions to deliver a successful turnaround in the coming years.”

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