June 14, 2018 / 9:31 AM / 2 months ago

UK Centrica CEO expects to maintain current dividend level

LONDON (Reuters) - British energy supplier Centrica (CNA.L) said it expects to maintain its dividend at its current level, the company’s chief executive Iain Conn said on Thursday.

The company stepped up plans for job cuts and cost savings in February after posting a 17 percent fall in 2017 operating profit, leading to questions over its ability to maintain its dividend.

“We expect to be able to pay the current level of dividend,” Conn said at the FT Energy Transition Strategies Summit in London.

He said the dividend would be subject to the company achieving adjusted operating cash flow and net debt within its targeted range.

Analysts at Jefferies said in a research note this week it expects Centrica to continue to generate 2.1 billion pounds ($2.80 billion) of adjusted operating cash flow and deliver its 12 pence dividend per share.

Reporting by Susanna Twidale; Editing by Alexander Smith

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