Centrica PLC Trading Statement (9903X)
May 10 2021 - 1:00AM
UK Regulatory
TIDMCNA
RNS Number : 9903X
Centrica PLC
10 May 2021
10 May 2021
Centrica plc
AGM Trading Update
In advance of Centrica's Annual General Meeting at 11am BST
today, the Company is providing an update on its performance and
progress.
Chris O'Shea, Group Chief Executive:
"As expected, trading conditions have remained tough in the year
to date. However, the modernisation of our Group remains on track
and the difficult, but necessary process to move colleagues onto
new terms and conditions is now complete. We are pleased that 98%
of UK colleagues have accepted the new contracts which will enable
us to better serve the needs of our customers. Although the
external environment remains uncertain, our tight focus on cash and
on fixing the basics across the Group leaves us well placed as we
continue the turnaround of our company."
The factors impacting our 2021 outlook remain broadly unchanged
since the time of the Preliminary Results in February. Some updates
on performance and progress are provided below:
-- Our significant Group restructure is on track and we continue
to expect year-on-year operating cost savings of more than GBP100m
in 2021.
-- As expected, Covid-19 continues to impact the Company. In Q1
2021, electricity demand from our UK business customers was
negatively impacted by around 15%, residential boiler installations
were down 11% compared to Q1 2020, and non-essential service visits
were postponed in order to protect colleagues and customers from
the risks of catching and spreading Covid-19.
-- Bord Gáis Energy's Whitegate power station is now expected to
return to service around the end of this year.
-- Group net debt including margin cash at the end of Q1 2021
was GBP0.5bn, down from GBP3.0bn at the start of the year,
including the impact of net proceeds from the sale of Direct
Energy.
Given the ongoing uncertain outlook, we are still not providing
any specific Group earnings or cash flow guidance for 2021. The
Company is due to release its 2021 Interim Results on 22 July
2021.
ENDS
Enquiries:
Investors and Analysts Media
T: 01753 494900 T: 01784 843000
E: ir@centrica.com E: media@centrica.com
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END
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