Centrica said today its plan to get the retail supply business back to a “sustainable” level of profit is two years ahead of schedule. The update will come as a relief for the company’s investors after years of instability in the UK energy supply and distribution market. The FTSE 100 company, which owns British Gas, the largest retail energy supplier in the UK, made the announcement this morning ahead of its annual general meeting.
The FTSE 100 group’s production business, Centrica Energy, Irish business, Bord Gáis and Business Energy Supply units are expected to report an operating profit for the year of £250m to £350m for Centria Energy and £100m to £200m for Bord and Business Energy Supply. Overall, Centrica said it expected to report adjusted earnings per share in line with consensus analyst expectations. The 14 analysts covering the energy giant have pencilled in a mean consensus of 18.