The owner of British Gas, Centrica, has blamed “normalising” market conditions after two years of bumper results for its heavy slide in profit in the first half of this year. Centrica—the FTSE 100 constituent that owns British Gas and looks after Scottish Gas and Bord Gáis—reported a near 50 percent decline in adjusted operating profit for the six months to 30th June, from £2.1bn to £1bn. Basic earnings per share dropped from 25.8p to 12.
Chris O’shea, the group’s enigmatic chief executive who has previously gone on record as saying he is paid too much, said “Our core businesses continued to deliver in line with our expectations in the first half of 2024, against the backdrop of more normalised market conditions.
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