10th Dec 2024 09:29
(Alliance News) - Centrica PLC on Tuesday said it expects annual earnings to be in line with consensus, and it announced an extension to an existing share buyback programme.
The Windsor, England-based British Gas owner said adjusted earnings per share for 2024 are to be "broadly in line with analyst consensus", which it puts at 18.5 pence.
That would represent a 45% decline from its adjusted basic EPS of 33.4p in 2023. The adjusted diluted EPS was 32.8p in 2023.
"The usual uncertainties remain for the balance of the year, including weather, commodity prices and asset performance," it added.
"In aggregate, adjusted operating profit in Retail and Optimisation is expected to be in line with analyst consensus, including an improved financial result in Services & Solutions compared to 2023. Infrastructure adjusted operating profit is also expected to be in line with analyst consensus based on year-to-date performance and the outlook for December, including hedging. This includes a second half loss for Centrica Energy Storage+."
Centrica expects 2025 infrastructure adjusted operating profit between GBP250 million and GBP400 million, subject to asset performance and commodity prices. This includes an expected adjusted operating loss between GBP50 million and GBP100 million for Centrica Energy Storage+.
Looking further into 2025, Centrica expects British Gas Services & Solutions "to deliver a further improved financial result compared with 2024". The company said it "remains committed to its disciplined capital allocation framework" and announced a GBP300 million extension to its existing share buyback programme.
"The extension, once completed, will mean the company has repurchased GBP1.5 billion of its ordinary shares since November 2022, representing approximately 20% of the company's issued share capital. The extension will begin as soon as practically possible and is expected to complete no later than the end of September 2025," Centrica said.
Centrica shares were down 2.1% to 128.62 pence each on Tuesday morning in London, giving it a market capitalisation of GBP6.58 billion.
By Tom Budszus, Alliance News slot editor
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