Friday, 1 Mar 2024

British Gas owner Centrica reports record £2.8bn profits

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British Gas parent company Centrica has reported a surge in its annual underlying operating profits.

The firm’s earnings skyrocketed as Britons struggled to meet the cost of living, reaching £2.8 billion.

The reported profits mark a threefold increase from £392 million in 2021, establishing a new record.

The last record-breaking year for British Gas was in 2012, when the firm reported profit margins of £2.7 billion.

The latest boost for the firm follows a year of high energy prices prompted by the war in Ukraine.

Wholesale prices rose to new highs as supplies dropped, caused in part by sanctions imposed on Putin’s government.

While the news will be welcome for the firm’s investors, it may leave many Britons incensed after gas bills left them cash-strapped.

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