Centrica Interim results update

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In July Centrica announced its interim results and the findings from its strategic review. The review concluded that Centrica is well positioned to succeed against the emerging trends in energy. Its strength lies in being a customer-facing energy and services business, with a purpose to provide energy and services to satisfy the changing needs of its customers.

Iain Conn, Centrica Chief Executive said:

“The conclusion of our strategic review provides a clear direction for the business. Centrica is an energy and services company. Our purpose is to provide energy and services to satisfy the changing needs of our customers, and as such we will focus our growth ambitions on our customer-facing activities. Serving our customers is what we are known for, what we are good at and where we already have distinctive positions and capabilities. Alongside a major Group-wide efficiency programme, this will underpin long-term shareholder value, as we target operating cash flow growth of 3-5% per year and deliver a progressive dividend policy. With Centrica delivering solid financial and operational performance in the first half of the year, and making good progress in strengthening its balance sheet and reducing net debt, the Group is well placed to compete materially against the emerging long-term trends in global energy markets.”

The results show that British Gas Business was impacted by issues following the implementation of a new billing and CRM system in 2014. This has resulted in significant delays to issuing customer bills.

We are currently undertaking an extensive transition recovery programme, including continued investment in additional resource. Most of the customers affected are now being served normally, and we currently expect to have resolved the issues by the end of 2015.

Read the full report here.



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