Centrica Share Discussion Threads

[ammu12] 25/2/2021 09:01

On a statutory basis and including its offloaded Direct Energy business, the group swung to a £52 million operating profit from losses of £849 million in 2019.

[ammu12] 25/2/2021 09:00

On a statutory basis and including its offloaded Direct Energy business, the group swung to a £52 million operating profit from losses of £849 million in 2019.

[grupo guitarlumber] 25/2/2021 09:00

Abigail Townsend

Sharecast News

25 Feb, 2021 08:01 25 Feb, 2021 08:01

British Gas owner Centrica sees earnings slump


Centrica reported a slide in full-year operating profits on Thursday, weighed down by Covid-19, as it paused the final dividend.


Adjusted operating profits for the 12 months to 31 December, which exclude Direct Energy, came in at £447m, a 31% fall. The owner of British Gas attributed the decline to negative impacts of Covid-19, warmer weather and low commodity prices. Earnings per share slid 11% to 6.5p

Group revenues from continuing operations were £14.9bn, compared to £16.0bn a year previously, while the total number of residential customers fell 2% to 9.2m. British Gas Energy customers fell 2% to 6.9m.

Total exceptional charges were £1.6bn, which included restructuring charges of £274m and impairments of £1.3bn. The operating loss from continuing operations was £362m, although that was an improvement on 2019’s loss of £783m.

Centrica completed the £2.4bn sale of Direct Energy, its North American energy supply business, in January. It is part of a wide-ranging overhaul of the business, initiated by new chief executive Chris O’Shea, which includes the loss of around 5,000 jobs and the introduction of new terms and conditions for service engineers.

The firm, which was booted out of the FTSE 100 last year, said over 80% of workers had now accepted the terms but industrial action by some engineers was ongoing.

O’Shea said: "We have made a good start to the turnaround of Centrica, with the sale of Direct Energy now complete and our significant group restructuring on track.

"However, our journey to transfer has only just started as we seek to restore shareholder value by improving customer experience, retention and employment engagement while managing a strong balance sheet.

"It won’t be easy, but I am confident with have the people, brands and market position to deliver a successful turnaround in the coming years."

The group announced in April that it was cancelling the 2019 final dividend in response to the pandemic. No interim payment was paid for 2020, and on Thursday Centrica confirmed that no final payment would be paid.

It did not say when payouts would resume, but noted: "We recognise the importance of dividends to shareholders and intend to recommence dividends to shareholders when it is prudent to do so."

[grupo guitarlumber] 25/2/2021 08:59

Abigail Townsend

Sharecast News

25 Feb, 2021 08:01 25 Feb, 2021 08:01

British Gas owner Centrica sees earnings slump



Centrica reported a slide in full-year operating profits on Thursday, weighed down by Covid-19, as it paused the final dividend.


Adjusted operating profits for the 12 months to 31 December, which exclude Direct Energy, came in at £447m, a 31% fall. The owner of British Gas attributed the decline to negative impacts of Covid-19, warmer weather and low commodity prices. Earnings per share slid 11% to 6.5p

Group revenues from continuing operations were £14.9bn, compared to £16.0bn a year previously, while the total number of residential customers fell 2% to 9.2m. British Gas Energy customers fell 2% to 6.9m.

Total exceptional charges were £1.6bn, which included restructuring charges of £274m and impairments of £1.3bn. The operating loss from continuing operations was £362m, although that was an improvement on 2019’s loss of £783m.

Centrica completed the £2.4bn sale of Direct Energy, its North American energy supply business, in January. It is part of a wide-ranging overhaul of the business, initiated by new chief executive Chris O’Shea, which includes the loss of around 5,000 jobs and the introduction of new terms and conditions for service engineers.

The firm, which was booted out of the FTSE 100 last year, said over 80% of workers had now accepted the terms but industrial action by some engineers was ongoing.

O’Shea said: "We have made a good start to the turnaround of Centrica, with the sale of Direct Energy now complete and our significant group restructuring on track.

"However, our journey to transfer has only just started as we seek to restore shareholder value by improving customer experience, retention and employment engagement while managing a strong balance sheet.

"It won’t be easy, but I am confident with have the people, brands and market position to deliver a successful turnaround in the coming years."

The group announced in April that it was cancelling the 2019 final dividend in response to the pandemic. No interim payment was paid for 2020, and on Thursday Centrica confirmed that no final payment would be paid.

It did not say when payouts would resume, but noted: "We recognise the importance of dividends to shareholders and intend to recommence dividends to shareholders when it is prudent to do so."

[grupo guitarlumber] 25/2/2021 08:56

Ammu12
25 Feb '21 - 08:54 - 2496 of 2496 (Filtered)


0 0 0

NO DOUBT ZILCH

[rdh21] 25/2/2021 08:51

How's your morning going clever?

[cleverinvester] 25/2/2021 08:50

Grupo why don't you go back to your own little bb you where promoting

[ammu12] 25/2/2021 08:50

What's your contribution? Copy pasting articles and begging everyone to post on the other board ?

[grupo guitarlumber] 25/2/2021 08:44

Ammu12
25 Feb '21 - 08:41 - 2490 of 2490 (Filtered)


0 0 0

NO DOUBT ANOTHER UNHELPFUL POST GIVING ZILCH

[cleverinvester] 25/2/2021 08:43

Ammu12 that's why he has been promoting his own bb. ALSO Aspers having a gloat this morning.

[ammu12] 25/2/2021 08:41

Grupo why so desperate? Are you short ?

[grupo guitarlumber] 25/2/2021 08:37

Real-time Estimate Quote. Real-time Estimate CHI-X - 02/25 08:36:09 am


51.73 GBX -3.31%

[cleverinvester] 25/2/2021 08:30

Disappointed no divi. Well I suppose the company looks stronger.

[bookbroker] 25/2/2021 08:27

Spirit will be worth well in excess of 1bln. with current oil prices, and likely to go higher.

[american idiot] 25/2/2021 08:21

Back up we go....

Todays results not so pleasant reading, however the outlook is now far more positive than at any point over the past few years.

Commodity prices are rising and post results, the massively huge transformational sale of Direct Energy.

This is a great recovery play................

[ammu12] 25/2/2021 08:20

Total Group free cash flow up 10% to £1,061m and net debt down £0.4bn to £2.8bn, reflecting a tight focus on cash expenditure and prompt and prudent actions taken in response to Covid-19.From continuing operations, statutory operating loss of £362m (2019: £783m loss), statutory EPS loss of 4.7p (2019: 16.8p loss), statutory net cash flow from operating activities down 1% to £957m.All of the above resulted in a £633m increase in cash and cash equivalents over the year, and when also including non-cash movements and exchange adjustments, net debt reduced by £412m to £2,769m, including cash collateral posted or received in support of wholesale energy procurement.25 February 2021 Centrica plc ("Centrica") today gave notice to holders of the outstanding Notes of the exercise of its call option to redeem all of the outstanding Notes on 12 April 2021 (the "Redemption Date"), being the first business day following 10 April 2021 (the "First Call Date"), at their principal amount together with any accrued and unpaid interest up to (but excluding) the First Call Date and any outstanding Arrears of Interest.Centrica has requested the UK Financial Conduct Authority (the "FCA") to cancel the listing of all outstanding Notes on the Redemption Date pursuant to LR 5.2.8 of the FCA Listing Rules.There are no plans to replace the Notes by raising new hybrid capital. Following the successful completion of the sale of Direct Energy, Centrica has significantly lower net debt and the redemption of the Notes helps to simplify its capital structure.The £450,000,000 Subordinated Resettable Fixed Rate Notes due 2075 ISIN XS1216019585 (the "GBP Notes") will remain part of Centrica's capital structure. Centrica understands Standard and Poor's and Moody's will continue to assign 50 per cent equity content to the GBP Notes.

[ammu12] 25/2/2021 08:20

Total Group free cash flow up 10% to £1,061m and net debt down £0.4bn to £2.8bn, reflecting a tight focus on cash expenditure and prompt and prudent actions taken in response to Covid-19.From continuing operations, statutory operating loss of £362m (2019: £783m loss), statutory EPS loss of 4.7p (2019: 16.8p loss), statutory net cash flow from operating activities down 1% to £957m.All of the above resulted in a £633m increase in cash and cash equivalents over the year, and when also including non-cash movements and exchange adjustments, net debt reduced by £412m to £2,769m, including cash collateral posted or received in support of wholesale energy procurement.25 February 2021 Centrica plc ("Centrica") today gave notice to holders of the outstanding Notes of the exercise of its call option to redeem all of the outstanding Notes on 12 April 2021 (the "Redemption Date"), being the first business day following 10 April 2021 (the "First Call Date"), at their principal amount together with any accrued and unpaid interest up to (but excluding) the First Call Date and any outstanding Arrears of Interest.Centrica has requested the UK Financial Conduct Authority (the "FCA") to cancel the listing of all outstanding Notes on the Redemption Date pursuant to LR 5.2.8 of the FCA Listing Rules.There are no plans to replace the Notes by raising new hybrid capital. Following the successful completion of the sale of Direct Energy, Centrica has significantly lower net debt and the redemption of the Notes helps to simplify its capital structure.The £450,000,000 Subordinated Resettable Fixed Rate Notes due 2075 ISIN XS1216019585 (the "GBP Notes") will remain part of Centrica's capital structure. Centrica understands Standard and Poor's and Moody's will continue to assign 50 per cent equity content to the GBP Notes.

[seball] 25/2/2021 08:19

Disappointing results. I can see this trading below 50p again.

[supermarky] 25/2/2021 08:18

As a long term investor deep underwater here I am pleased no divi will be paid. I think they are eventually sorting this mess out and getting cna on the straight and narrow. This remains a turnaround story. I am not buying any more but reasonably confident the management are now restructuring the business and taking it forward as a more streamlined sensible business.

[antonagis] 25/2/2021 08:15

So once again the not do CLEVERINVESTER provided unsubstantiated information. Yesterday he was laughing at people telling them how they were missing out because CNA were going to announce big dividend today. Doesn’t bother me because I have a small holding but top free tip is for him to keep his mouth shut because nothing he says happens. He did same over on SAGA for weeks with unsubstantiated rubbish.