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Centrica lifts earnings outlook on cost cuts, strong energy trading
December 15, 2016 / 7:34 AM / a year ago

Centrica lifts earnings outlook on cost cuts, strong energy trading

LONDON (Reuters) - Britain’s largest energy supplier Centrica (CNA.L) lifted its full-year earnings expectations on Thursday due to better than expected cost savings and a strong trading performance amid volatile energy markets.

A British Gas sign is seen at its offices in Staines in southern England, July 31, 2014. REUTERS/Toby Melville

The utility, which owns household energy supplier British Gas, said it now expected 2016 adjusted earnings per share of around 16.5 pence and adjusted operating cashflow of 2.4-2.6 billion pounds ($6.3 billion), compared with more than 2 billion pounds it previously expected.

“This improved outlook relative to the half year reflects further benefits from the cost efficiency programme and strong energy marketing and trading performance,” the company said in a trading update.

The company also said its full-year capital investments would be around 900 million pounds, lower than the 1 billion previously expected.

($1 = 0.7970 pounds)

Reporting by Karolin Schaps; editing by Susan Thomas

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