WINDSOR (dpa-AFX) - Centrica PLC (CNA.L), an international energy and services company, Thursday reported profit before tax of 1.629 billion pounds for the first half, significantly lower than 6.426 billion pounds in the comparable period last year. The results mainly reflected decline in revenue hurt by lower commodity prices, volatility, and lower seasonal gas price spreads on Infrastructure businesses.
Centrica today announced a 200 million pounds extension to the share buyback programme which started in November 2022, taking the total to 1.2 billion pounds.
Excluding special items, adjusted profit before tax declined to 1.055 billion pounds from 2.047 billion pounds a year ago.
Operating profit was 1.677 billion pounds, down from 6.462 billion pounds last year.
Adjusted operating profit declined to 1.035 billion pounds from 2.083 billion pounds a year ago.
Net profit decreased to 1.325 billion pounds or 25.1p per basic share from 4.150 billion pounds or 73p per basic share in the previous year.
Adjusted profit was 677 million pounds or 12.8p per basic share, down from 1.466 billion pounds or 25.8p per basic share last year.
Revenue for the period decreased to 10.541 billion pounds from 16.515 billion pounds in the previous year.
Adjusted revenue stood at 13.284 billion pounds, lower than 20.486 billion pounds last year.
The company also announced an increase in the interim dividend to 1.5p per share from 1.33p, to be paid on November 14 to shareholders of record on October 4.
'Group net cash expected to decline in the second half. In addition to profitability phasing, Group cash flow will see an expected ramp up in capital investment in the second half of 2024, while we also pay both of our dividend payments in the second half of 2024,' Centrica said in a statement.
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