Putin’s Russia to return to growth next year despite sanctions – live updates | CPT PPP Coverage
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Putin’s Russia to return to growth next year despite sanctions – live updates appeared on www.telegraph.co.uk by The Telegraph.
British Gas owner Centrica made record profits of £3.3bn as household bills surged during the energy crisis triggered by Vladimir Putin‘s war in Ukraine.
The figure is more than treble last year’s adjusted operating profit of £949m, while a different measure of profit – earnings per share – increased eightfold.
Centrica has also rewarded shareholders with a full-year dividend of 3p a share, three years after cancelling the pay-out due to the pandemic.
It comes as the company faces growing pressure over its treatment of customers, who have seen energy bills soar during the cost of living crisis.
Analysis by the Telegraph of calculations by Octopus Energy showed that British Gas customers were being billed £482m a year more simply because they have not set up a direct debit.
Britain’s biggest household energy supplier has also come under fire over revelations in the Times that it sent debt agents to break into the homes of vulnerable customers to install prepayment meters as bills hit record highs.
Average household energy bills are due to rise by another £500 in April when the Government raises its cap to £3,000 from its present £2,500.
TUC general secretary Paul Nowak said: “While millions of families struggle to heat their homes, firms like Centrica are raking in monster profits.”
Centrica profits increased eightfold on an earnings per share basis, with adjusted EPS hitting 34.9p, up from 4.1p in 2021.
The energy giant made an adjusted operating profit of £2.8bn last year if you exclude the company’s £485m sale of Spirit Energy’s Norwegian assets in May for £485m.
The business expects to pay £2.8bn in windfall taxes by 2028.
However, British Gas Energy suffered a 39pc decline in its adjusted operating profit compared to 2021, coming in at £72m.
This was despite increasing its residential energy customers by 4pc to 7.5m.
British Gas Services made an adjusted operating loss of £9m, down from a profit of £121m in 2021.
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