Centrica Plc announces an interim dividend of 1.0p per share that will be paid on 17 November 2022 to shareholders on the register on 7 October 2022.
Other Financial Highlights:
STRONG H1 OPERATIONAL PERFORMANCE AND POSITIVE OUTLOOK
- Adjusted basic EPS of 11.0p (2021: 1.7p); 10.2p excluding Spirit Energy disposed assets.
- Strong Upstream volumes against a backdrop of higher commodity prices.
- Increased commodity volatility handled well in Energy Marketing & Trading.
- Statutory basic EPS loss of 14.7p (2021: profit of 23.2p) includes a £1.9bn loss on net remeasurements after taxation, reflecting the high commodity price environment.
- Group total free cash flow from continuing operations of £643m (2021: £524m). Statutory net cash flow from operating activities of £165m (2021: £558m) including margin cash outflow of £519m.
A SIGNIFICANTLY DE-RISKED PORTFOLIO AND A STRONGER BALANCE SHEET
- H1 2022 net cash of £316m compared to net debt of £93m at H1 2021.
- Completion of the sale of Spirit Energy Norway and the Statfjord field in May, resulting in a £0.8bn reduction in gross decommissioning liabilities.
- March 2021 triennial pensions technical provisions deficit agreed in principle at £944m. £0.6bn on a roll-forward basis at 30 June 2022. Cash contributions expected to remain broadly unchanged.
STABILISING AND IMPROVING OPERATIONAL PERFORMANCE
- Continued investment in service to stabilise operational performance and position for growth in British Gas Services & Solutions. Full financial recovery likely dependent on length of economic downturn.
- Improving net promoter scores and delivering organic customer growth in British Gas Energy.
DELIVERING GROWTH AND POSITIONING FOR NET ZERO
- Strong Retail and Optimisation capabilities and positions leave us well positioned for growth as core markets transition to net zero.
- Opportunities to invest in the energy transition with a focus on battery storage, gas-peaking plants, solar farms, hydrogen and Carbon Capture, Utilisation and Storage (CCUS).
BALANCE SHEET STRENGTH ENABLES GROWTH AND SHAREHOLDER RETURNS
- Strong balance sheet - maintain strong investment grade credit ratings.
- Value accretive investments - invest for growth in lower carbon and flexible assets, to accelerate the energy transition and improve security of supply in core markets.