Centrica 1H Adjusted Operating Profit Up 65% On Buys, Weather

28th Jul 2010 07:53

By Selina Williams Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. utility Centrica PLC (CNA.LN) Wednesday posted a 65% rise in adjusted operating profit for the first half of 2010, as its profitable retail energy business offset lower commodity prices, and said results for the year would be heavily weighted toward the first half. The strong first-half performance reflected first-time contributions from Venture and British Energy acquisitions as well as the newly commissioned Langage gas-fired power station. The period also included one of the coldest winters on record. "Centrica has performed well in the year to date, with strong results underpinned by improved operational performance in each area of our business," said Centrica Chief Executive Sam Laidlaw. The company also said it sees considerable growth opportunity for its business in the U.K. and North America. Group adjusted operating profit, or earnings before interest and tax, were up 65.4% at GBP1.563 billion from GBP945 million last year. The adjusted operating profit figure was 14.1% above expectations for GBP1.37 billion in a Dow Jones Newswires poll of three analysts. Centrica posted an almost seven-fold increase in net profit attributable to equity shareholders of GBP1.379 billion for the half-year ending June 30 versus GBP202 million for the same period in 2009. Group revenues rose 0.4% to GBP11.71 billion from GBP11.66 billion in the first half of 2009. Centrica shares closed down 1.5% Tuesday at 307.70 pence, but they are up around 17% since the beginning of the year, outperforming the broader FTSE 100 index. Company Web site: http://www.centrica.com -By Selina Williams, Dow Jones Newswires; +44 207 842 9262; [email protected] (END) Dow Jones Newswires July 28, 2010 02:53 ET (06:53 GMT)