Centrica jumps as North American sale agreed

Centrica (CNA) was already coming out of a rough 2019 when it swung to a £849m statutory operating loss, weighed down by £1.1bn in net exceptional charges. Unfortunately, the pressure didn’t ease up in the six months to 30 June. Reported earnings were once again blighted by hefty exceptionals – this time totalling £1bn – reflecting restructuring costs and a £381m impairment of its exploration and production (E&P) assets. This translated to a £135m operating loss, albeit narrower than the £446m loss seen a year earlier.