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Monday, 01 September 2014

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Centrica reveals latest results

Centrica, which owns Barrow gas terminal, has reported a six per cent drop in profit.

The company has revealed a £571 million profit haul from its residential energy arm for 2013, months after hiking gas and electricity prices.

It marks a six per cent drop on the £606 million the year before but is unlikely to calm public anger over rising energy costs.

Centrica said British Gas shed two per cent of residential customer accounts in 2013 to 15.3 million as households switched to other suppliers following its move to increase tariffs by 9.2 per cent on average from November as part of a round of painful winter bill rises across the industry.

It added that another 100,000 had quit the group so far this year, but customer switching was now "stabilising" after it scaled back its price rise by 3.2 per cent following a shake-up of the Government's so-called green levies on bills.

Across the group, operating profits were two per cent lower at £2.7 billion last year.

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