Centrica Reports Impressive Financial Turnaround and Extends Share Buyback Program
Centrica, the U.K. energy company that owns British Gas, has reported a significant turnaround in its financial performance for the first half of the year. The company's net profit for the six-month period reached an impressive GBP4.15 billion, compared to a net loss of GBP864 million in the same period last year. This strong operational performance has been supported by an increase in adjusted earnings before interest, taxes, depreciation, and amortization, which rose from GBP1.18 billion to GBP2.30 billion.
In addition to this positive financial news, Centrica announced an extension of its share buyback program by GBP450 million, bringing the total program size to GBP1.0 billion. This buyback will be completed over the next 12 months.
The company expects that its 2023 full-year adjusted earnings and free cash flow will be weighted towards the first half of the year. This can be attributed to the seasonality of the industry, which typically leads to lower underlying profits in the second half.
Centrica's board also declared an interim dividend of 1.33 pence per share, up from 1.0 pence per share in the previous year.
These positive developments demonstrate Centrica's commitment to driving strong financial performance and returning value to its shareholders.
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