REG - Centrica PLC - Trading Update

CentricaAnnouncement

10/12/2024 07:00

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RNS Number : 4145P  Centrica PLC  10 December 2024

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10 December 2024

Centrica plc

 

Trading Update

 

Centrica plc (the "Company") will be holding a teach-in for institutional
investors and analysts on its Centrica Energy and Meter Asset Provider (MAP)
businesses at 2.30pm (GMT) this afternoon. A copy of the presentation will be
available at www.centrica.com/investors (http://www.centrica.com/investors)
prior to the event. Ahead of that, the Company provides the following update
on its trading performance.

 

The Company has delivered good strategic progress in 2024, including
announcing the extension of the lives of its four operational Advanced
Gas-cooled Reactor ("AGR") nuclear power stations on 4(th) of December, and
solid operating performance across the portfolio.

 

·    The Company expects 2024 full year earnings per share to be broadly
in line with analyst consensus(1).

o  The usual uncertainties remain for the balance of the year, including
weather, commodity prices and asset performance.

o  In aggregate, adjusted operating profit in Retail and Optimisation is
expected to be in line with analyst consensus, including an improved financial
result in Services & Solutions compared to 2023.

o  Infrastructure adjusted operating profit is also expected to be in line
with analyst consensus based on year-to-date performance and the outlook for
December, including hedging. This includes a second half loss for Centrica
Energy Storage+.

o  2024 full year capital expenditure is expected to be around £600 million.

o  2024 closing net cash is expected to be in line with analyst consensus(1).

·    For 2025:

o  The Company expects all Retail Energy Supply and Optimisation businesses
to be in the medium-term sustainable adjusted operating profit ranges.

o  British Gas Services & Solutions is expected to deliver a further
improved financial result compared with 2024, as it continues its recovery
towards its medium-term sustainable adjusted operating profit range by 2026.

o  2025 Infrastructure adjusted operating profit is currently expected to be
in the range of £250 million - £400 million, subject to asset performance
and commodity prices. This includes an expected adjusted operating loss in the
range of £50 million - £100 million for Centrica Energy Storage+.

 

Centrica remains committed to its disciplined capital allocation framework,
and is today announcing a £300 million extension to its existing share
buyback programme. The extension, once completed, will mean the Company has
repurchased £1.5 billion of its ordinary shares since November 2022,
representing approximately 20% of the Company's issued share capital. The
extension will begin as soon as practically possible and is expected to
complete no later than the end of September 2025.

 

 

Enquiries:

Investors and Analysts:                      tel: +44 (0)1753
494900                  email: ir@centrica.com

Media:
tel: +44 (0)1784 843000                  email:
media@centrica.com (mailto:media@centrica.com)

 

Notes:

1.     As at 9(th) December 2024, the mean 2024 full year adjusted
earnings per share from 11 sell side analyst forecasts published since
Centrica's 2024 Interim Results announcement on 25(th) July 2024 is 18.5
pence, with a mean net cash forecast of £2.56 billion.

 

Centrica plc is listed on the London Stock Exchange (CNA)

Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229

 

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