British Gas owner Centrica’s soaring profits were today branded ‘indefensible’ as UK households continue to face high energy bills and cost-of-living pressures.
The energy giant revealed that earnings at its retail supplier business soared by nearly 900 per cent as it was handed a price cap boost of around £500million.
Centrica said underlying earnings at its gas and electricity supply arm jumped 889 per cent to £969million in the six months to June 30 from £98million a year earlier.
But angry politicians described the profits as ‘actually sickening’ and ‘unearned’, while campaigners said it was a ‘further sign of Britain’s broken energy system’.
Shareholders were celebrating though, with Centrica’s stock price up 7 per cent today after the firm proposed a 33 per cent annual increase in its interim dividend.
It comes four months after Centrica chief executive Chris O’Shea was given a £4.49 million pay package, which included £790,000 in pay plus £3.7million in bonuses.
And that followed accusations that agents working for British Gas had forced their way into homes of the poor and vulnerable to fit expensive pre-payment meters.
