Centrica profit drops as prices 'normalise'

THE owner of British Gas revealed a sharp drop in profit today as energy markets remained calm after the turmoil that followed Russia’s invasion of Ukraine.

- Michael Hunter

Centrica said it was in “a more normalised environment” as it revealed a drop in operating profit of almost three quarters to £1.7 billion in the six months to the end of June.

The FTSE 100 firm faced allegations of profiteering at the height of the crisis, when it reported record profits of more than £3 billion for the 2022 financial year.

Levels of bad debt, which rose when prices and profits surged, have eased back, falling to £240 million from £284 million. But Centrica conceded that “remains elevated against historic levels”.