RESILIENT FIRST HALF PERFORMANCE
· Resilient performance overall against the backdrop of Covid-19. Focus has been on protecting the business and keeping customers warm, safe and supplied with energy.
· Good customer service levels maintained and continued high customer retention. Total customers down 0.8% since the start of the year with a number of sales channels unavailable in Q2.
· Adjusted operating profit down 14% or £56m compared to H1 2019. Negative impacts of Covid-19, low commodity prices and warm weather largely offset by mitigating actions and improved underlying performance.
· Adjusted EPS up slightly to 2.5p, reflecting a reduction in the Group adjusted effective tax rate from 47% to 35% with a shift in profit mix away from highly taxed E&P activities.
· Net exceptional charge of £1,036m, including restructuring costs of £251m, and impairments of E&P and power assets totalling £785m which reflect a reduction in commodity price forecasts and nuclear plant availability issues. Statutory operating loss of £135m.
· Robust cash flows and liquidity. Net debt down £0.4bn since the start of the year to £2.8bn, reflecting working capital inflows and prompt actions taken to reduce cash expenditure in response to Covid-19.
· No interim dividend declared.
· No specific full year guidance provided given continuing Covid-19 related uncertainties.
· Prompt actions already taken and the Group's cash flow flexibility leave us well positioned to navigate current and future uncertainties.
https://www.investegate.co.uk/centrica- ... 20029995T/
Also this; Proposed sale of Direct Energy
Proposed sale of Direct Energy for $3.625 billion to NRG Energy
Centrica plc ("Centrica" or the "Company" or the "Group") today announces that it has entered into an agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy, Inc. ("NRG Energy") for $3.625 billion in cash (equivalent to approximately £2.85 billion) on a debt free, cash free basis (the "Transaction").
https://www.investegate.co.uk/centrica- ... 20029996T/
