Centrica posts fall in annual profit on lower energy prices

(Sharecast News) - British Gas owner Centrica posted a fall in annual profits on the back of "sharply lower" commodity prices. Adjusted operating profit for the year to December 2023 came in at £2.72bn from £3.3bn. The full-year dividend was up 33% to 4p a share.

Oil and gas firms cashed in after Russia's unprovoked invasion of Ukraine two years ago sent prices rocketing, meaning consumers faced crippling increased in household energy bills.

On a pre-tax basis the company swung to a pre-tax profit of £6.47bn from a £383m loss a year earlier driven by its British Gas energy unit.

"As you would expect, sharply lower commodity prices and reduced volatility will naturally lower earnings in comparison to 2023 as we return to a more normalised environment," said chief executive Chris O'Shea.

Reporting by Frank Prenesti for Sharecast.com