|Bid||39.40 x 0|
|Ask||39.46 x 0|
|Day's range||38.58 - 39.75|
|52-week range||29.10 - 95.32|
|Beta (5Y monthly)||1.10|
|PE ratio (TTM)||N/A|
|Earnings date||24 Jul 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||07 May 2020|
|1y target est||153.87|
British Gas owner Centrica <CNA.L> plans to cut around 5,000 jobs, almost 20% of its global workforce, it said on Thursday, as the energy utility deepens its restructuring efforts in the wake of the COVID-19 pandemic. More than half of the job losses are expected to come from management teams and follow 4,000 cuts planned by this year which were announced in 2018. Centrica on Thursday also announced Johnathan Ford as its new finance chief.
Britain's largest energy supplier British Gas will furlough around 3,800 employees as the coronavirus pandemic forces the company to scale back operations, parent Centrica <CNA.L> said on Wednesday.
Britain's largest energy supplier Centrica <CNA.L> cancelled its 2019 dividend and cut costs in anticipation of an increase in non payments by customers and a drop in demand due to the COVID-19 outbreak, sending its shares to record lows. "We also expect to see an increase in working capital outflows and customer bad debt, as certain customer segments defer payments due to the reduction of household incomes and business revenues," Centrica said on Thursday. Britain's energy trade association Energy UK earlier this week called on the government to offer financial support to energy suppliers to help them offer payment breaks to those struggling with bills.
Conn, who announced last July that he planned to quit, had been under pressure from shareholders because of the company's poor performance. O'Shea, Conn's immediate replacement, was appointed Chief Financial Officer in 2018, and will continue as interim CEO until a permanent one is identified. The company also said Chairman Charles Berry will be replaced by Scott Wheway, with Berry's decision to leave coming after advice from doctors to reduce his workload.
British utility Centrica <CNA.L> has agreed a three-year partnership with Volkswagen <VOWG_p.DE> to provide home-charging hardware for new electric vehicle owners, it said on Wednesday. The deal will see Elli, the main provider of charging hardware and services for Volkswagen Group, work with Centrica's British Gas to deliver a package of home-charging installations, after-sales services and electrical upgrades across Britain. This will help customers to switch to electric vehicles, initially across the Volkswagen, SEAT, SKODA and Volkswagen Commercial Vehicles brands, with plans for Audi to join later this year, Centrica said.
Profits at British utility Centrica <CNA.L> slumped 35% last year, hit by a government price cap on some energy bills and the impact of lower natural gas prices on its production business, sending its shares down as much as 17% on Thursday. The company, whose British Gas unit is Britain’s largest energy supplier, said adjusted operating profit fell to 901 million pounds from 1.39 billion pounds in 2018. "2019 operating profit and earnings were materially impacted by a challenging environment, most significantly the implementation of the UK default tariff cap and falling natural gas prices," said chief executive Iain Conn in a statement.
Centrica said it expects Berry to return to his duties shortly, leaving Scott Wheway in the position on an interim basis. Weir, in a separate statement, said director Barbara Jeremiah would take on the responsibilities during Berry's absence.
Internal auditors should have direct access to top company bosses to help avoid Carillion-style corporate crashes, a new industry code said on Wednesday. The code from the Chartered Institute of Internal Auditors (CIIA) aims to restore credibility in internal auditors' ability to be the "eyes and ears" of boards to stamp out poor governance and misconduct. Companies hire internal auditors to check for compliance with regulations.
British utility Centrica <CNA.L> is on track to meet its full-year cash flow and earnings targets and on Thursday raised its expected efficiency savings by 50 million pounds ($65 million). Adjusted operating cash flow is expected to be in the lower half of its targeted 1.8-2.0 billion pound range, it said. Centrica said its hedging strategy had insulated it from lower European wholesale gas prices, while a strong performance from its North American business helped to offset lower output from Britain’s nuclear fleet, in which it owns a 20% stake.
Investing.com -- Here is a summary of regulatory news releases from the London Stock Exchange on Thursday, 21st November.
British utility Centrica <CNA.L> won an appeal in the High Court on Wednesday against the way in which energy regulator Ofgem calculated a portion of its cap on energy prices, Ofgem said. "The judgement does not change the fundamentals of the price cap, which remains in place and will continue to protect 11 million households on default deals, ensuring that they pay a fair price for their energy," Ofgem said in a statement. Ofgem said it was disappointed by the ruling and it was considering its next steps.
BRUSSELS/LONDON (Reuters) - The European Commission is set to give the go-ahead for British power companies to receive a total of roughly one billion pounds to help them bear the cost of maintaining extra generation in case of outages, three sources said on Friday. The payments were delayed after a Luxembourg-based European court ordered the Commission, the EU executive, to get more details on elements of the British capacity mechanism, which pays utilities to make electricity available at short notice. Shares in British power company Drax <DRX.L>, which had won several contracts under the scheme, were up more than 14% by 1312 GMT following the news.
Dalmore, Equitix and GLIL Infrastructure are looking to acquire about 20% of the business, the report said. EDF Energy and Centrica would sell 10% of the EDF Generation business, Sky reported, adding that JP Morgan has been tasked with finding investors to acquire more shares of the French state-owned utility and Centrica's remaining stake.
Spirit Energy's remaining shareholders are looking to join majority owner Centrica in exiting the North Sea oil and gas business worth more than 1.5 billion pounds, four financial sources said. Centrica <CNA.L>, which also owns Britain's largest energy supplier British Gas, said in July it was preparing to sell its 69% stake in Spirit Energy to focus on consumer energy services as part of its move away from fossil fuels. The UK utility will now also run the sale on behalf of the other owners, led by Bayerngas GmbH and Munich's municipal utilities company Stadtwerke München, as these make a u-turn on their interest in oil and gas exploration and production, one of the sources said.
A protracted decline in European gas prices, which has hurt some energy firms but may prove a boon to buyers, has yet to find a floor as low summer demand could boost gas storage tanks close to chock-full amid soaring global supply. British and Dutch prices, benchmarks for Europe-wide gas sales as well as some liquefied natural gas (LNG) markets, have lost half of their value since last September. Gas prices tend to fall during the summer but this year's slump was uncharacteristic as it began in the winter months, when prices traditionally rise, and has been accompanied by a larger-than-normal build-up in inventories.
The blue-chip index followed Wall Street lower after U.S. President Donald Trump warned China not to wait for the 2020 U.S. presidential election to make a trade deal. Big British banks, such as Barclays <BARC.L> and RBS <RBS.L>, fell after the BoE said banks would have to tell investors in 2021 if they could be closed down without disrupting financial markets. Corporate earnings were the main drivers behind most of the major stock moves on both UK indexes.
Centrica has been shifting towards consumer energy services and away from oil and gas exploration and large-scale power generation, as part of a move away from fossil fuels. As well as supplying energy, Centrica plans to build up its connected home and energy services divisions, offering products like smart thermostats to control home heating via a phone app and electric vehicle products. Centrica shares were down more than 10% below 80 pence per share, having fallen almost 70% since 2015 under Conn's tenure.