UK share index has hit record levels this morning, as Centrica shares jump 6% after reporting ‘obscene’ profits for 2022
- Full story: British Gas owner Centrica reports record profits of £3.3bn
- FTSE 100 hits 8,000 points for first time as recession fears ease
Windfall tax calls will grow louder following Centrica tripling its profits to £3.3bn last year, even though the company paid nearly £1bn, predicts Tom Gilbey, equity research analyst at investment management firm Quilter Cheviot:
Gilbey say:
“Centrica produced some strong results this morning as its trading division took advantage of energy trends that came to dominate in 2022.
Its adjusted profit grew over 250% to over £3bn , and it more than doubled its free cash flow, putting this to use by paying a dividend – which they only reinstated a year ago – and getting approval to buy back a potential 10% of their shares. It is this that may draw controversy given it is also benefiting from elevated energy prices and it has come under fire in recent weeks for its consumer practices.
