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- The UK energy group Centrica has released its 2022 results, posting a £240m (€270) loss, after a £954m (€1.1bn) profit in 2021. However, excluding exceptional items and certain remeasurements, the company tripled its operating profit, from £948m (€1.1bn) in 2021 to £3,308m (€3.7bn) in 2022, owing to higher energy prices.
www.enerdata.net/publications/daily-energy-news/uk-energy-utility-centrica-tripled-its-operating-profit-2022.htmlUK energy utility Centrica tripled its operating profit in 2022
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Snapshot of 2022 results. (1) Based on 2011 Census data for working populations, with 30% women, 13% ethnically diverse, 4% disability, 3% LGBTQ+ and 3% ex-service to be achieved by the end of 2022.
- Helping Customers and Communities Through The Energy Crisis
- Strong Operational and Financial Performance from A Balanced Portfolio
- Positioning Ourselves For Growth Through Net Zero
- Delivering Returns For Shareholders
Invested over £200m in customer service, support and pricing across the Company.Supported and helped 650,000 customers manage their energy bills since the start of the energy crisis.Paid ~£1bn in tax relating to 2022 profits.Materially helped UK energy security of supply with the reopening of Rough, and a new gas supply agreement with Equinor sufficient to heat 4.5m homes.Adjusted basic EPS of 34.9p (2021: 4.1p); 34.2p excluding Spirit Energy disposed assets.Strong gas production and electricity generation against a backdrop of higher commodity prices.Strong management of increased commodity volatility in Energy Marketing & Trading (EM&T).Lower retail adjusted operating profit including a small loss in British Gas Services & Solutions, reflecting weak commercial performance and investment in customer service, support and pricing.Strong capabilities and positions in Retail and EM&T leave us well-placed for growth as core markets transition to net zero.Investing in flexible and transition assets for value; £400m of in-flight solar, battery and gas-peaking generation projects and progressing plans to repurpose Rough and Morecambe as net zero assets.Intention to provide more detail on longer-term investment plans and expected returns alongside Interim results in July 2023.Reinstated progressive dividend policy in July; 2022 full year dividend of 3.0p.Intention to extend existing £250m share buyback programme by an additional £300m, which at the current share price would result in Centrica buying back 10% of its issued share capital in total.Adjusted profit before tax is the pre-tax business performance profit adjusted for the impact of exceptional items and certain re-measurements. The significant increase in materiality in 2022 reflects higher commodity prices
•Closing adjusted net cash of £1.2bn at the end of 2022 compared to £0.7bn at the end of 2021. Positioning ourselves for growth through net zero •Strong capabilities and positions in Retail and EM&T leave us well-placed for growth as core markets
Feb 16, 2023 · Statutory net cash flow from operating activities of £1.3bn (2021: £1.6bn) includes £1.2bn of margin cash and collateral outflow to support hedging and trading activity. Closing adjusted net cash of £1.2bn at the end of 2022 compared to £0.7bn at the end of 2021.
Feb 18, 2023 · Centrica Full Year 2022 Results Key Financial Results. Revenue: UK£23.7b (up 61% from FY 2021). Net loss: UK£782.0m (down by 233% from UK£586.0m profit in FY 2021).
Jan 12, 2023 · British Gas owner Centrica has forecast an almost eightfold increase in full-year earnings despite the impact of new windfall taxes on energy companies after it benefited from soaring energy...
