Daily Mail

750,000 desert British Gas (but profits still rise!)

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BRITISH Gas lost 750,000 customers in a backlash against high prices last year – but still managed to boost its profits.

However, parent company Centrica is to cut 4,000 jobs – mainly in Britain – after big losses in other parts of the business.

Profits from gas and electricit­y in the UK rose £19million to £572million.

But total operating profits fell 1 per cent to £1.25billion after a 68 per cent slump in profits at its North American power supply business.

Centrica said British Gas had increased profits despite losing 1.4million energy accounts – 750,000 households – by cutting costs rather than overchargi­ng.

The Centrica share price has dropped 40 per cent in a year, which chief executive Iain Conn yesterday suggested was a result of a forthcomin­g Government cap on rip-off standard variable tariffs.

Mr Conn said he regretted the ‘material uncertaint­y’ around the firm and added: ‘I am determined to restore shareholde­r value and confidence.’

Centrica said a cost-cutting programme to save £740million had been delivered three years early. The firm has cut 5,500 jobs since 2016 and 4,000 more losses are planned, mostly in the UK.

Matt Lay, of the Unison union, said: ‘British Gas staff shouldn’t be feeling the heat today. It should be Centrica chief executive Iain Conn.’

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