British Gas was abandoned by nearly 400,000 customers in the first half of the year as many switched to cheaper rivals after the expiry of fixed deals. Centrica, the owner of British Gas, brushed off criticism from the boss of the competition regulator that profit margins in the domestic energy supply industry were too high, arguing that its loss of customers was evidence of a “highly competitive market”. The loss helped to contribute to a 13 per cent fall in revenues to £13.4 billion at Centrica. However, overall Centrica hit the City’s expectations, with pre-tax profits rising 35 per cent to £1.6 billion in the six months to June 30, or, on an underlying basis, down 15 per cent at £675 million.
Times 29th July 2016 read more »