CNA.L

Centrica Plc
Centrica PLC - Trading Update
10th December 2024, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 4145P
Centrica PLC
10 December 2024
 

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 jurisdiction

10 December 2024

Centrica plc 

 

Trading Update

 

Centrica plc (the "Company") will be holding a teach-in for institutional investors and analysts on its Centrica Energy and Meter Asset Provider (MAP) businesses at 2.30pm (GMT) this afternoon. A copy of the presentation will be available at www.centrica.com/investors prior to the event. Ahead of that, the Company provides the following update on its trading performance.

 

The Company has delivered good strategic progress in 2024, including announcing the extension of the lives of its four operational Advanced Gas-cooled Reactor ("AGR") nuclear power stations on 4th of December, and solid operating performance across the portfolio.

 

·    The Company expects 2024 full year earnings per share to be broadly in line with analyst consensus1.

The usual uncertainties remain for the balance of the year, including weather, commodity prices and asset performance.

In aggregate, adjusted operating profit in Retail and Optimisation is expected to be in line with analyst consensus, including an improved financial result in Services & Solutions compared to 2023.

Infrastructure adjusted operating profit is also expected to be in line with analyst consensus based on year-to-date performance and the outlook for December, including hedging. This includes a second half loss for Centrica Energy Storage+.

2024 full year capital expenditure is expected to be around £600 million.

2024 closing net cash is expected to be in line with analyst consensus1.

·    For 2025:

The Company expects all Retail Energy Supply and Optimisation businesses to be in the medium-term sustainable adjusted operating profit ranges.

British Gas Services & Solutions is expected to deliver a further improved financial result compared with 2024, as it continues its recovery towards its medium-term sustainable adjusted operating profit range by 2026.

2025 Infrastructure adjusted operating profit is currently expected to be in the range of £250 million - £400 million, subject to asset performance and commodity prices. This includes an expected adjusted operating loss in the range of £50 million - £100 million for Centrica Energy Storage+.

 

Centrica remains committed to its disciplined capital allocation framework, and is today announcing a £300 million extension to its existing share buyback programme. The extension, once completed, will mean the Company has repurchased £1.5 billion of its ordinary shares since November 2022, representing approximately 20% of the Company's issued share capital. The extension will begin as soon as practically possible and is expected to complete no later than the end of September 2025.

 



 

Enquiries:

Investors and Analysts:                      tel: +44 (0)1753 494900                  email: ir@centrica.com

Media:                                                  tel: +44 (0)1784 843000                  email: media@centrica.com

 

Notes:

1.     As at 9th December 2024, the mean 2024 full year adjusted earnings per share from 11 sell side analyst forecasts published since Centrica's 2024 Interim Results announcement on 25th July 2024 is 18.5 pence, with a mean net cash forecast of £2.56 billion.

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTDDBDDDBGDGSC]]>
TwitterFacebookLinkedIn