Centrica share price: Group updates on recent trading
Centrica (LON:CNA) has this morning posted a trading update ahead of its annual general meeting later today. The British Gas owner expects its operating cash flow to be in excess of £2 billion in 2016.
**Highlights from Centrica’s statement:**
Adjusted operating cash flow expected to be in excess of £2 billion in 2016.
Group capital investment including small acquisitions expected to be no more than £1 billion in 2016, of which around £500 million is expected to be in E&P.
£200 million of efficiency savings expected to be delivered in 2016 as part of the Group’s £750 million per annum cost efficiency programme, with like-for-like operating costs expected to be lower in 2016 than in 2015.
Direct headcount expected to reduce by around 3,000 in 2016; reduction of around 800 in the first three months of the year.
Iain Conn, Centrica Chief Executive
“We continue to make good progress in implementing our strategy, and with improving levels of customer service, good operational performance, lower costs, and the launch of new products to help customers manage their energy usage, we remain on track to deliver against our 2016 targets.”
As of 07:06 BST, Monday, 18 April, Centrica PLC share price is 238.30p.