AGM Statement

Centrica PLC

13 June 2023

 

                                                                                                                                                                13 June 2023

Centrica plc

AGM Statement

Centrica plc (the "Company") will hold its Annual General Meeting today at 10.30am at Leeds Marriott, 4 Trevelyan Square, Boar Lane, Leeds LS1 6ET.

The Company's performance over the first five months of the year, across its diverse and balanced portfolio, has been strong overall. Given our current outlook, we expect 2023 full year Group adjusted earnings per share to be around the top end of the range of recent sell side analyst expectations¹, with adjusted earnings per share heavily weighted towards the first half.

In Retail, adjusted operating profit in the first half of 2023 is expected to be significantly higher than in previous years, the main driver of which is a material positive impact in British Gas Energy from allowances in the UK domestic default tariff cap relating to costs incurred in prior periods. In Optimisation, performance in Energy Marketing & Trading has remained strong to date. In Infrastructure, availability and volumes from our gas production, nuclear and gas storage assets have been good, helping to offset the impact of lower wholesale commodity prices.

Consistent with the strong first half earnings outlook, first half net cash generation is also expected to be robust. Working capital inflows in Energy Marketing & Trading relating to the continued cash realisation of 2022 profit are expected to be broadly offset by working capital outflows in British Gas Energy, reflecting seasonality and the changing price environment, and timing of government customer support scheme payments.

As always, uncertainties remain over the balance of the year including the impacts of weather, commodity prices, the economic environment, any changes to regulation or government policy, asset performance and the competitive backdrop for our energy supply businesses. This results in a range of possible outcomes for the full year.

The Company's 2023 Interim Results are scheduled for 27 July 2023, at which time the Company also intends to provide an update on its strategy and capital framework.

ENDS

Enquiries:

Investors and Analysts
T: 01753 494900
E: [e-mail]

Media
T: 01784 843000
E: [e-mail]

Notes:

1.     As at 12 June 2023, the range of 2023 full year adjusted earnings per share from 11 sell side analyst forecasts published since Centrica's 2022 Preliminary Results announcement on 16 February 2023 is 16.5p to 24.7p.

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

 

END