Centrica posts profit for business energy supply but I&C customer losses continue


Centrica’s UK business energy supply division posted adjusted operating profit of £23m for the six months to 31 June, an improved result on last year, where it broke even.

However, business customer losses continue. The company shed 17% of its industrial and commercial (I&C) customer base and 5% of small and medium enterprise (SME) accounts.

Centrica said a chunk of the I&C customer losses were because it decided not to actively pursue renewals with some large multi-site customers where it wasn’t making much margin.

The company reiterated that its retention and acquisition focus is on higher value SME segments.

Centrica also announced that group CFO Jeff Bell would step down in October, with Chris O’Shea taking over the role. O’Shea has been group CFO of Smiths Group since 2015.

See the full half year results report here.

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