Centrica Regulatory News (CNA)

5 June 2024

Centrica plc

AGM Statement

Centrica plc (the "Company") will hold its Annual General Meeting today at 10.30am at the Hilton Glasgow, 1 William Street, Glasgow G3 8HT. Ahead of the Company's 2024 Interim Results, which will be released on the 25 July 2024, the Company provides the following update on its trading performance.

The Company's performance so far this year has been in line with expectations against the backdrop of a more normalised external environment.

· All Retail Supply and Optimisation businesses to be within their medium-term sustainable adjusted operating profit ranges in 20241, two years ahead of schedule.

· British Gas Services & Solutions expected to deliver an improved financial result compared with last year, underpinned by strong operational performance, as it continues recovery towards its medium-term sustainable adjusted operating profit range1.

· The Company's hedging policy will underpin a resilient first half for its Infrastructure businesses. Second half results are expected to reflect lower commodity prices and, for CES+, lower seasonal gas price spreads and volatility.

· Full year group adjusted earnings per share are expected to be in-line with consensus analyst expectations2, with the usual uncertainties remaining for balance of year, including weather, commodity prices, and regulation and government policy.

· As is normal, group profitability to be strongly weighted to the first half of the year.

The Company continues to take steps to optimise its financing structure. Following the recent successful refinancing of our hybrid bond (link here), yesterday the Company also announced a liability management exercise to improve balance sheet efficiency. Further details can be found here.

Enquiries:

Investors and Analysts:

tel: +44 (0)1753 494900 

email: ir@centrica.com 

Media:

tel: +44 (0)1784 843000

email: media@centrica.com

Notes:

1. Medium-term sustainable operating profit ranges: British Gas Residential energy supply £150m-£250m, British Gas Services & Solutions £100m-£200m, Centrica Energy £250m-£350m, Bord Gáis and Business Energy Supply £100m-£200m.

2. As at 4 June 2024, the range of 2024 full year adjusted earnings per share from 14 sell-side analyst forecasts published since Centrica's 2023 Preliminary Results announcement on 15 February 2024 is 15.8p to 21.0p with a mean consensus of 18.3p.

Centrica plc is listed on the London Stock Exchange (CNA)Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654Legal Entity Identifier number: E26EDV109X6EEPBKVH76ISIN number: GB00B033F229