Centrica Notes Resilient Financial Performance Amid Covid-19 Pandemic

(Alliance News) - Centrica PLC on Thursday reported that its operational and financial ...

Alliance News 14 January, 2021 | 10:46AM
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(Alliance News) - Centrica PLC on Thursday reported that its operational and financial performances were "resilient" in the second half of 2020 despite challenges caused against the backdrop of Covid-19.

The Windsor, England-based energy supplier said the gross impact of of Covid-19 on its financial performance was lower in the second half of 2020 than in the first half, which it expected.

Its UK business electricity demand was negatively impacted by around 15% in the second half of 2020, compared to around 30% in the second quarter of 2020. Residential boiler installation numbers recovered in the second year-half compared to the first year-half, but were still around 15% lower than in the second half of 2019.

"We remain cautious as we head into 2021, with the return of tighter Covid-19 restrictions in the UK and Ireland expected to put continued pressure on business energy demand and limit services workload. In addition, the related uncertain economic backdrop increases the potential for additional working capital outflow and higher bad debts," Centrica said.

Centrica said it expects its 2020 adjusted earnings per share to be ahead of the market consensus of 4.8 pence, down 34% compared to 7.3 pence in 2019.

The company plans to publish its 2020 results on February 25.

Shares in Centrica were up 2.8% at 50.98 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com

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