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10
December 2024
Centrica plc
Trading Update
Centrica plc (the "Company")
will be holding a teach-in for institutional investors and analysts
on its Centrica Energy and Meter Asset Provider (MAP) businesses at
2.30pm (GMT) this afternoon. A copy of the presentation will be
available at www.centrica.com/investors
prior to the event. Ahead of that, the Company
provides the following update on its trading
performance.
The Company has delivered good
strategic progress in 2024, including announcing the
extension of the lives of its four operational
Advanced Gas-cooled Reactor ("AGR") nuclear power stations
on 4th of December, and solid operating
performance across the portfolio.
·
The Company expects 2024 full year earnings per
share to be broadly in line with analyst
consensus1.
o The
usual uncertainties remain for the balance of the year, including
weather, commodity prices and asset performance.
o In
aggregate, adjusted operating profit in Retail and Optimisation is
expected to be in line with analyst consensus, including an
improved financial result in Services & Solutions compared to
2023.
o Infrastructure adjusted operating profit is also expected to
be in line with analyst consensus based on year-to-date performance
and the outlook for December, including hedging. This includes a
second half loss for Centrica Energy Storage+.
o 2024
full year capital expenditure is expected to be around £600
million.
o 2024
closing net cash is expected to be in line with analyst
consensus1.
·
For 2025:
o The
Company expects all Retail Energy Supply and Optimisation
businesses to be in the medium-term sustainable adjusted operating
profit ranges.
o British Gas Services & Solutions is expected to deliver a
further improved financial result compared with 2024, as it
continues its recovery towards its medium-term sustainable adjusted
operating profit range by 2026.
o 2025
Infrastructure adjusted operating profit is currently expected to
be in the range of £250 million - £400 million, subject to asset
performance and commodity prices. This includes an expected
adjusted operating loss in the range of £50 million - £100 million
for Centrica Energy Storage+.
Centrica remains committed to its
disciplined capital allocation framework, and is today announcing a
£300 million extension to its existing share buyback programme. The
extension, once completed, will mean the Company has repurchased
£1.5 billion of its ordinary shares since November 2022,
representing approximately 20% of the Company's issued share
capital. The extension will begin as soon as practically possible
and is expected to complete no later than the end of September
2025.
Enquiries:
Investors and Analysts:
tel: +44
(0)1753 494900
email: ir@centrica.com
Media:
tel: +44 (0)1784
843000
email: media@centrica.com
Notes:
1. As at
9th December 2024, the mean 2024 full year adjusted
earnings per share from 11 sell side analyst forecasts published
since Centrica's 2024 Interim Results announcement on
25th July 2024 is 18.5 pence, with a mean net cash
forecast of £2.56 billion.
Centrica
plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire
SL4 5GD
Registered in England & Wales number:
3033654
Legal Entity
Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229