Shares in Centrica (LON:CNA) have fallen into the red this morning as the British Gas owner announced that its profits and cash flow had dipped in the first half of the year. The company further announced that its chief financial officer Jeff Bell will be standing down from his position later in the year.
As of 10:07 BST, Centrica’s share price had given up 4.55 percent to 145.75p, underperforming the broader UK market, with the benchmark FTSE 100 index having climbed into positive territory and currently standing 0.16 percent higher at 7,713.21 points. The group’s shares have lost more than 26 percent of their value over the past year, as compared with about a 4.6-percent gain in the Footsie.
Centrica updates on interim performance
Centrica updated investors on its interim performance this morning, reporting that its adjusted operating profit had dipped four percent to £782 million. The company’s adjusted operating cash flow meanwhile fell 11 percent to £1.1 billion, including impact of working capital outflows due to cold weather and wholesale commodity price increases.
“We are on track to achieve our full year Group financial targets and expect to maintain the full year dividend per share at its current level, subject to delivering adjusted operating cash flow and net debt in line with our target ranges,” the group’s chief executive Iain Conn commented in the statement.
British Gas owner appoints new finance chief
Centrica further said today that Jeff Bell will be standing down as Group CFO at the end of October this year and will leave the Company in July next year. He will be replaced by Chris O’Shea, former CFO of Smiths Group LON:SMIN) and Vesuvius, who has also held senior finance roles with BG Group and Shell (LON:RDSA).