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British Gas profits jump by 58% British Gas profits jump by 58%
(20 minutes later)
Operating profits at British Gas jumped by 58% in 2009, its parent company Centrica has said. Operating profits at British Gas jumped by 58% in 2009 to a record high, its parent company Centrica has said.
British Gas's residential energy arm saw its operating profit climb to £595m last year from £376m in 2008. British Gas's residential energy arm saw its operating profit climb to £595m last year from £376m in 2008. That beat the previous high of £573m in 2007.
The announcement comes just days after energy regulator Ofgem reported that energy firms' profit margins had risen in recent months.The announcement comes just days after energy regulator Ofgem reported that energy firms' profit margins had risen in recent months.
Earlier this month, British Gas announced that it was cutting its standard gas prices by an average 7%. Earlier this month, British Gas said it was cutting its gas prices by 7%.
Adjusted operating profit at Centrica fell 7% to £1.86bn.Adjusted operating profit at Centrica fell 7% to £1.86bn.
Centrica chief executive Sam Laidlaw said British Gas's profit margin was about 8% for 2009 and the firm was aiming for margin of about 7% this year.
The group also said that British Gas would create 1,100 new jobs in 2010.