Centrica announce Interim Results for the six months ended 30 June 2023

London, 27 July, 2023, (Oilandgaspress) – Adjusted operating profit (AOP) of £2.1bn (2022: £1.3bn). Adjusted basic EPS of 25.8p (2022: 11.0p).

Statutory operating profit of £6.5bn (2022: £1.1bn loss). Statutory basic EPS of 73.0p (2022: 14.7p loss).

Group free cash flow of £1.4bn (2022: £0.6bn), in line with the increase in AOP.

Statutory net cash flow from operating activities of £2.5bn (2022: £0.2bn) includes £1.1bn of margin cash and collateral inflow (2022: £0.5bn outflow).

Closing adjusted net cash of £3.1bn compared to £1.2bn at the end of 2022.

Interim dividend up 33% to 1.33p per share.

Share buyback programme extended by £450m.

2023 full year adjusted earnings and free cash flow expected to be heavily weighted towards H1.

Financial summary

Six months ended 30 June20232022
Total Group  
Adjusted EBITDA£2,304m£1,660m
Adjusted operating profit£2,083m£1,342m
Adjusted tax charge(£586m)(£581m)
Adjusted effective tax rate28%46%
Adjusted earnings attributable to shareholders£1,466m£643m
Adjusted basic earnings per share (EPS)25.8p11.0p
Interim dividend per share (DPS)1.33p1.0p
Group total free cash flow£1,377m£643m
Group adjusted net cash£3,061m£316m
Statutory operating profit / (loss)£6,462m(£1,099m)
Statutory earnings / (loss) attributable to shareholders£4,150m(£864m)
Statutory basic earnings / (loss) per share73.0p(14.7p)
Statutory net cash flow from operating activities£2,485m£165m

See notes 3, 4 and 9 to the Financial Statements and pages 71 to 75 for an explanation of the use of adjusted performance measures.

Group performance indicators

Six months ended 30 June20232022Change
Total recordable injury frequency rate (per 200,000 hours worked)1.101.12(2%)
Total customers (‘000) (i)10,23410,259(0%)
Group direct headcount (ii)20,59020,5670%
Group colleague engagement (%)76%73%3ppt

All 2022 comparators are as at 31 December 2022.

(i)  Includes British Gas Energy, British Gas Services & Solutions and Bord Gáis Energy households and small and medium business customer sites in British Gas Energy and Centrica Business Solutions.

Chris O’Shea, Group Chief Executive

“Nothing is more important than delivering for our customers – its why we are here. Today’s results allow us to increase our customer support package to more than £100m, and the new green investment strategy we’ve announced will see us invest several billion pounds in the energy transition, creating thousands of new well-paid jobs. Our robust balance sheet has allowed us to invest heavily in the UK and Ireland’s energy security and will make sure that our customers have cleaner energy at the right price.

Centrica is now a more focused and higher quality business. Our integrated portfolio of businesses and the relentless focus from our 20,000 amazing colleagues has enabled us to deliver another strong financial performance, which includes significant one-off recovery of past costs through the UK price cap mechanism.

I’m proud of the incredible work our colleagues do every day to help customers struggling with the cost-of-living crisis. We are doing more than any other UK energy company – and we will continue to be there when our customers need us.”


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