Centrica PLC Trading update and share repurchase programme
RNS Number : 9101F
10 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
10 November 2022
Trading Update and announcement of a share repurchase
Centrica plc (the "Company") has continued to deliver strong
operational performance from its balanced portfolio since its
Interim Results in July and now expects full year adjusted earnings
per share to be towards the top end of the range of more recent
sell side analyst expectations(1) . The Company maintains a strong
balance sheet, with overall levels of liquidity having increased
since the half year.
Volumes from our electricity generation and gas production
activities have remained strong, while in October we announced the
reopening of the Rough gas storage facility, all of which
contributes to strengthening the UK and Ireland's security of
supply. In addition, in Energy Marketing & Trading our
optimisation and route to market activities continue to perform
very well, playing a critical role in storing, transporting and
balancing energy supply across Europe.
Broader inflationary and economic pressures have impacted both
our cost base and customer numbers in British Gas Services &
Solutions, while warmer than normal weather in October has
contributed towards lower volumes and profits in British Gas
Energy. As a result, we expect adjusted operating profit in our
Retail division to be lower than current expectations.
With over 10 million customers, we are acutely aware of the
difficult environment facing many people and we remain committed to
doing what we can to support those who need our help most. Today,
Centrica is announcing an additional GBP25m of help for our
customers, taking the amount we have invested in voluntary customer
support this year to GBP50m.
We said at the time of our Interim Results that we would
continue to make efficient use of capital, including the potential
return of any surplus structural capital to shareholders.
Reflecting the Company's recent performance and outlook, together
with the work undertaken in recent years to strengthen the balance
sheet and ensure appropriate liquidity, the Company is announcing
today it plans to commence a share repurchase programme of up to 5%
of its issued share capital.
There are significant uncertainties that remain over the
remaining two months of the year, including the impacts of weather,
commodity price movements, asset performance and the potential
consequences of a weak economy and high inflation on commercial
performance in British Gas Services & Solutions and bad debt in
our energy supply activities.
The Company plans to host a virtual teach-in for institutional
investors and analysts on our Energy Marketing & Trading
business on the morning of 1 December 2022 and the 2022 Preliminary
Results are scheduled for 16 February 2023.
The person responsible for arranging the release of this
announcement on behalf of the Company is Raj Roy, the Company
Investors and Analysts
T: 01753 494900
T: 01784 843000
1. As at 9 November 2022, the range of 2022 adjusted earnings
per share from 12 sell side analyst forecasts published since
Centrica's 2022 Interim Results announcement on 28 July 2022 is
15.1p to 26.0p.
Centrica plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor,
Berkshire SL4 5GD
Registered in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229
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