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British Gas owner Centrica’s profits hit record high as energy bills soar

British Fuel proprietor Centrica’s earnings hit file excessive as power payments soar

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British Fuel proprietor Centrica made file earnings of £3.3bn as family payments surged in the course of the power disaster triggered by Vladimir Putin’s struggle in Ukraine.

The determine is greater than triple final 12 months’s adjusted working revenue of £949m, whereas a distinct measure of revenue – earnings per share – elevated eightfold.

Centrica has additionally rewarded shareholders with a full-year dividend of 3p a share, three years after cancelling the pay-out because of the pandemic, whereas it would increase a share buyback programme by £300m.

It comes as the corporate faces rising strain over its therapy of shoppers, who’ve seen power payments soar throughout the price of residing disaster.

Analysis by the Telegraph of Octopus Vitality calculations confirmed that British Fuel prospects had been being billed £482m a 12 months extra just because they haven’t arrange a direct debit.

Britain’s largest family power provider has additionally come beneath hearth over revelations within the Instances that it sent debt agents to break into the homes of vulnerable customers to install prepayment meters as payments hit file highs.

In its annual outcomes,  Centrica mentioned it was “extraordinarily disenchanted” by the allegations.

It added: “We instantly took motion to handle this and are finishing an intensive impartial investigation.”

Common family power payments are because of rise by one other £500 in April when the Authorities raises its cap to £3,000 from its current £2,500. BP and Shell have each reported file earnings in current weeks alongside Centrica, triggering requires higher windfall taxes.

TUC common secretary Paul Nowak mentioned: “Whereas thousands and thousands of households battle to warmth their properties, corporations like Centrica are raking in monster earnings.”

Liberal Democrat chief Sir Ed Davey added: “It is a betrayal for British Fuel prospects throughout the nation who’re struggling to maintain their heating on.

“As soon as once more the Authorities’s failure to implement a correct windfall tax is permitting oil and fuel companies to make billions off the again of hardworking households.”

By Maggi

"Greetings! I am a media graduate with a diverse background in the news industry. From working as a reporter to producing content, I have a well-rounded understanding of the field and a drive to stay at the forefront of the industry." When I'm not writing content, I'm Playing and enjoying with my Kids.

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