British Gas CEO Resigns After £446m Loss

British Gas CEO Resigns After £446m Loss

Centrica, the holding company behind British Gas, reported a £704m profit this time last year, whilst 2019 taking a pre-tax loss of £446m. Centrica have also licensed out their production and exploration scheme to another company to avoid further losses. Conn, the now former CEO, placed blame solely on government interference:

The most difficult thing has been the price cap coming in. It cost British Gas £300m in profits this year, All the current price cap has done is actually delayed the issues rather than solve them, and I'm hoping a new fresh look by this new government may make changes. It has always been said that the price cap is going to be temporary and we look forward to the day when it's rolled back

British Gas, however, have blamed a mixture of warm weather, outages at its power stations and the national engergy cap for its losses. Profit at the company's consumer division, which includes British Gas, was down 44% to £240m. The news, which was released this morning, caused a whopping 19.1% drop in market share, a 17.36 point fall.

It's not all bad news for British Gas, however, as they have recently announced a new partnership with vehicle manufacturer Ford which is set to commence in 2020.

Susanna Jenkins
Author: Susanna Jenkins
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