Centrica profits up 14 per cent

www.moneynews.co.uk > Other > Centrica profits up 14 per cent

Centrica profits up 14 per cent

Centrica has reported an increase in operating profits of 14 per cent for 2003 in its preliminary results today.

The group - which owns the AA, British Gas and One.Tel brands in the UK - has reported profits of £1,058 million, and an increase in turnover of 25 per cent to £17,931 million.

This amounts to adjusted basic earnings per share of 16.8p compared with 15.2p in 2002. As such, the board of directors is proposing a final dividend of 3.7 pence per share to be paid in June 2004

Stressing that these results have been achieved in the face of rising energy costs during 2003, Sir Roy Gardner, chief executive, declared: "The underlying strength of the Centrica model, with its unique balance of upstream and downstream positions, enabled us to deliver record profits despite adverse external factors."

He added, "We remain committed to a financial structure, including appropriate debt levels, which best rewards our shareholders. We expect this to include, in 2004, another significant step towards our targeted dividend payout ratio of 40 per cent."

Related News : Other
	Government accounts are getting better
	Public sector pay rising faster than the private sector
	Monti slaps Microsoft with record fine
	Phone bills confuse consumers
	Lib Dems vote against council tax
	Prescott claims councils are listening to tax warnings
	Fewer services, more tax
	Consumers warned about energy salesmen
	Dad's work at home worth £14,500
	Massive jackpots for Euro lottery