Centrica Share Discussion Threads

[waldron] 07/1/2021 10:30

Jamie Ashcroft

09:23 Thu 07 Jan 2021

Centrica shares trade lower as workers launch strike action

Centrica shares were down 1.45% in Thursday morning's deals.

Centrica PLC (LON:CAN) shares were on the back foot in Thursday’s early deals as British Gas workers start a five-day strike.

Up to 7,000 British Gas workers could strike, according to reports.

It comes amid a row over contracts with the utility group reported seeking to force pay cuts by threatening sackings, via ‘fire and rehire’.

The GMB union claim that British Gas had tarnished its reputation and added that the strike would cause massive disruption to customers in the depths of winter, during a cold snap.

British Gas owner Centrica meanwhile said it has done everything it can to avoid industrial action.

"While we've made great progress with our other unions, sadly the GMB leadership seems intent on causing disruption to customers during the coldest weekend of the year, amid a global health crisis and in the middle of a national lockdown," a Centrica spokesperson said.

In the wake of suggestions earlier this year that it could cut 5,000 jobs, the company has converted around 83% of its workforce onto new contract terms.

Centrica shares fell 0.66p or 1.45% to change hands at 50.04p.

Proactiveinvestors

[terrysmith1] 07/1/2021 08:30

I just swapped energy supplier for my gas and on the price comparison chart British Gas were the cheapest which ive never seen before. Maybe they are finally realising they need to be more competitive to get customers back which have left in droves over previous years

[ariane] 07/1/2021 08:22

Centrica
51.04 +0.51%

can it convincingly break thru resistence

[undervaluedassets] 07/1/2021 07:51

The strike will not be long lasting. Not appropriate at this time striking (unfortunately) and will not command much attention or sympathy.

The bigger picture is that CNA has just received a cheque for the sale of Direct Energy larger than their entire market cap.. Not sure that the market has really processed that fact yet.

For me current price looks like a once in a lifetime opportunity.

[undervaluedassets] 07/1/2021 07:49

Strike will not be long lasting. Am not unsympathetic but striking seems perhaps not appropriate at this time and is unlikely to command much attention given national (and international) events.

The bigger picture is that CNA has just received a cheque bigger than their market cap.. Not sure that market has really processed that fact yet.

[grupo guitarlumber] 07/1/2021 05:10

BBC

British Gas staff start five-day strike over pay



5 hours ago



British Gas engineers will launch a five-day strike from Thursday in a dispute over pay and conditions.

Thousands of staff could walk out in response to an attempt by the firm to push through pay cuts by threatening to fire workers, union GMB has said.

It accused Centrica, which owns British Gas, of provoking the strike, which it said would cause "massive disruption".

Centrica said it would prioritise vulnerable households and emergencies during the walkout.

In a statement, GMB national secretary Justin Bowden said the actions of British Gas had "tarnished" its reputation.

"The use of fire and rehire threats has been condemned across the political spectrum and caused huge anger among this dedicated workforce," he said.

He also suggested that the strike would cause "massive disruption to customers in the depths of winter".


A Centrica spokeswoman said: "We've done everything we can with the GMB to avoid industrial action.

"While we've made great progress with our other unions, sadly the GMB leadership seems intent on causing disruption to customers during the coldest weekend of the year, amid a global health crisis and in the middle of a national lockdown," she said.

"We have strong contingency plans in place to ensure we will still be there for customers who really need us."

Almost 90% of GMB members voted for industrial action in a ballot of 9,000 members last month in response to an attempt by Centrica to cut some salaries by up to 10%, the union said.

In total, more than 7,500 staff could walk out, although Centrica said GMB had committed to ensure emergency callouts were not affected, adding that it also had contractors that it could call upon.
'Our business needs to change'

In June, Centrica said it planned to to cut around 5,000 jobs to "arrest the decline" of the company.

It has been losing customers to rivals and, in February last year, blamed a big loss in 2019 on the energy price cap and falling gas prices. Centrica has since said the coronavirus crisis has shown how the company could be "agile and responsive".

Commenting on the strike, Centrica said 83% of workers had already accepted its new terms and conditions, which it said protected base pay and pensions.

"This shows most of our people understand that our business needs to change because customer needs are changing," the spokeswoman said.

"GMB's mandate for strike action is weak; they are fighting against modernisation and changes which will help to protect well-paid jobs in the long-term and are doing so at a time that our country needs everyone to pull together."

[mercer95] 06/1/2021 19:26

I bought back in today,sold my Barclays & BP, as usual I’ll start doing my research now I’ve bought in or I’ll just see what the market decides to do.

[the grumpy old men] 06/1/2021 16:37

The stake in Spirit Energy could be worth $1.8 billion to $1.9 billion, said Elchin Mammadov, a senior utilities analyst with Bloomberg Intelligence.

Cheers Knowing

[knowing] 06/1/2021 16:34

Could be a bit more cash on the way

[the grumpy old men] 06/1/2021 16:29

GETTING BETTER ALL THE TIME

[mroalan] 06/1/2021 14:52

TO BE FAIR IF IT WAS WORTH OVER £4 SEVERAL YEARS AGO,AND THE MAJORITY OF ITS DEBTS ARE LIKELY TO BE PAID IF/AND WHEN THE DEAL IS DONE oops! why today is it only worth one eighth of that price today?

[grupo] 06/1/2021 14:38

BERNSTEIN RAISES CENTRICA PRICE TARGET TO 65 (55) PENCE - 'MARKET-PERFORM'

[grupo] 06/1/2021 14:35

however still refuses to break through the 51p resistence at present

[grupo] 06/1/2021 14:34

LOL

One expects a spike i guess,any moment now


undervaluedassets
6 Jan '21 - 14:27 - 1566 of 1566

[undervaluedassets] 06/1/2021 14:27

CNA has just received a cheque bigger than their market cap.. Not sure that market has really processed that fact yet.

[weemonkey] 06/1/2021 11:27

Gibbs ..

CNA through 200 day moving average today.

[knowing] 06/1/2021 11:11

This one may have slipped through yesterday

[gibbs1] 06/1/2021 11:11

05-Jan-21 04-Jan-21 Buy Chris O'Shea 48.14 GBX312 290,024

02-Dec-20 01-Dec-20 Buy Chris O'Shea 44.69 GBX336 289,690


possibly laughing his way to the bank

Christopher O’Shea 47 2020 Group Chief Executive Officer & Executive Director

[gibbs1] 06/1/2021 11:06

NICE MOVE UP BUT CAN IT BREAK THRU THE 51p resistence

[imnotspartacus] 06/1/2021 10:47

Common a nice finish above 50p

[weemonkey] 06/1/2021 09:58

Agreed.

I like the fact that management have been buyers of the stock over the past 12 months.

And at prices much higher than this.

[undervaluedassets] 06/1/2021 09:52

There is only one company in the FTSE 350 with a turnover of more than £20billion and a market cap of less than £3billion and this is it.

Either it this is a screaming bargain or it is going bust (It would never be allowed to go bust though as this is a strategic industry of national importance)

After the sale of Direct Energy for $3.6 billion it now definitely not going bust and smells like a screaming bargain.

Loads to aim at here. this is one massively oversold stock.

[weemonkey] 06/1/2021 09:46

Deal looks transformational potentially.

Enormously helpful to balance sheet.

[julcester] 06/1/2021 09:38

But businesses closed down and they are the big energy consumers.

[careful] 06/1/2021 09:22

Like Lazerous, Centrica seems to be coming back from the dead.
Yesterdays confirmation of Direct Energy sale was good news.