Centrica has confirmed it will exit oil and gas exploration and production and that CEO Ian Conn will step down next year.
The group posted a statutory operating loss of £446m in H1 2019 compared to a statutory profit of £704m in H1 2018. Adjusted operating profit collapsed by 49 per cent to £399m. The consumer division took a £300m hit from the domestic price cap, with adjusted operating profit down 44 per cent to £240m. Centrica Business operating profit plummeted 89 per cent to £11m.
The company said it would focus on cutting costs to become the “lowest cost provider in all our markets” in a bid to remain competitive.
See the first half results here.