Centrica, the owner of British Gas, has raised its earnings forecast for 2022 on the back of soaring energy prices.Centrica credited its electricity generation and gas production activities for the upgrade - as opposed to profitability at its household supply arm.EPS - a measure of profitability calculated through the number of shares in circulation - had previously stood at the upper end of a 15.1p to 26p guided range following several upgrades.
Because Centrica had reported EPS of 4.1p for 2021, the new forecast meant earnings were now expected to rise at least sevenfold on an annual basis.The company, and rivals, all suffered tens of billions in losses when the COVID pandemic struck - leaving rawBut as economies slowly got back in gear, and with demand outstripping supply, prices recovered.
Last week, Shell revealed it was expecting to take a £2bn hit from UK and EU windfall taxes combined. Russ Mould, investment director at AJ Bell, said:"Higher energy prices are not bad news for everyone - with Centrica once again upgrading forecasts. "How much credit the business itself can take for its revived fortunes is an open question but, for now, financial performance is undoubtedly strong."
This is absolute bollocks that we get fucked over left, right and centre by the government and the wealthy big companies!
We’re all in it together though eh!?
😂😂😂
Bring our bills down then you greedy grabbers.
Meanwhile 800 people taken to hospital because they can’t afford to put on heating bloody shocking 😡
The biggest unashamed fleecing of people ever!
Oil and gas price down 30%+ and our electricity price still at record high. That is where the profit from.
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Centrica predicts near eightfold rise in earnings after energy prices soar\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. Boot Doom Rapture 6 BornInTheUK BBC Centrica earnings cause cost of living crisis for millions and for once the Government should absolutely hammer them with a win fall tax!!! disgraceful that they can earn this during a energy cost of living crisis RishiSunak
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