Half Year 2024 Centrica PLC Earnings Call Transcript
Key Points
- Centrica PLC (CPYYF) reported a strong start to 2024 with an adjusted operating profit of over GBP1 billion.
- The company has increased its interim dividend by almost 13% to 1.5p, reflecting confidence in future performance.
- Centrica PLC (CPYYF) is on track to deliver medium-term profit targets for most of its businesses two years earlier than planned.
- The extension of the share buyback program by GBP200 million demonstrates a commitment to providing superior capital returns to shareholders.
- The company has a strong balance sheet with GBP3.2 billion of net cash, providing flexibility for future investments and acquisitions.
- Earnings per share (EPS) is down from a tough comparison period, indicating some challenges in maintaining previous high levels of profitability.
- The company faces ongoing dual running costs associated with its new technology platform, which will continue into next year.
- Bad debt remains a concern, although it is showing an improving picture.
- The outlook for the Rough gas storage facility is challenging due to lower gas prices and limited seasonal spreads, which could impact profitability.
- Centrica PLC (CPYYF) acknowledges that the investment environment is volatile, adding complexity to future investment decisions.
Good morning, and welcome to the 2024 interim results. Presentation is absolutely super to have you all here again, the usual CFO, Russell O'Brien and most of the leadership team the people who actually do the work and with us and looking forward to catching up with you after the presentation.
We also announced today that Kevin O'Byrne, who's with us today, will succeed. Scott has achieved at the end of the year. We're delighted to have with Kevin becoming a new chairman to Kevin's able to be with us today on behalf of the Board. And personally, I'd like to thank Scott for the contribution he's made to Centrica.
He chaired the Board for a period of huge volatility and change with our company. Scott has been a huge support to me personally through some very, very interesting times and eccentric as a very different company to the one Scott asked me to lead in early 2020, and you leave the business in a great position. Third purpose is energizing a greener future, and we're doing this by focusing on three things. Number
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