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Centrica is stabilising but has a long road to recovery

It has wiped out its debt and will now be hoping it can start adding some new customers.
Centrica is stabilising but has a long road to recovery
  • Adjusted operating profit was flat for the year.
  • Higher demand for gas during cold winter offset by Covid-19 and industrial actions.

Centrica (CAN) is continuing its slow and painful rebuild. Its balance sheet looks a bit healthier now with net debt down to £0.1bn from £3.0bn in H1 2020 thanks to the £2.3bn generated from the sale of Direct Energy. The removal of the interest payment drag should ease some burden but the loss of over 144,000 customers proves there is still a lot of work to do.

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