Centrica share price: British Gas parent posts full-year results

on Feb 23, 2017
Updated: Oct 21, 2019

Centrica (LON:CNA) has updated investors on its full-year performance this morning.

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**Highlights from the company statement:**
Adjusted operating profit and adjusted earnings both up 4%, adjusted EPS of 16.8p.
Adjusted operating cash flow up 19% to £2,686m, including £357m working capital inflow in UK Business.
Underlying adjusted operating cash flow growth of 14%.
Efficiency programme delivery of £384m of cost savings and over 3,400 like-for-like reduction in direct headcount in 2016, both ahead of target. A further £250m of efficiency programme delivery expected in 2017.

E&P £166m free cash flow positive reflecting reduced capex and lower cash production costs.
Net debt down 27% to under £3.5bn.
Outlook and 2017 targets – returns and growth
Continued confidence in at least 3-5% per annum underlying adjusted operating cash flow growth on average 2015-20, underpinned by strong delivery in 2016.
Adjusted operating cash flow expected to exceed £2bn in 2017; capital expenditure to be limited to £1bn.

Having built base capabilities, around £100m of incremental revenue investment in growth expected in 2017.
Full year dividend of 12.0p. In the prevailing environment, restoration of a progressive dividend currently expected when Group net debt is in the range £2.5-£3.0bn, a level targeted by the end of 2017.
Global Consumer and Business divisions formed to enable a more coherent approach to the end-customer.
Capital Markets Day on 21 June 2017 to provide additional insight into Consumer and Business strategies.
**More to follow…**
As of 07:21 GMT, Thursday, 23 February, Centrica PLC share price is 233.99p.


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