British Gas owner profits spark anger

UTILITY giant Centrica faced more public outrage today after reporting £1.3 billion in half-year profits - including £270 million for its residential arm British Gas - just weeks after announcing a price hike.

Centrica said adjusted operating profits in the six months to June 30 at British Gas fell by 54 per cent compared with the same period last year as it battled with a 30 per cent increase in wholesale gas prices and lower consumption.

British Gas, the UK's biggest energy supplier, plans to lift gas and electricity prices by an average of 18 per cent and 16 per cent respectively from August 18.

Centrica, which also operates an upstream gas exploration business and a US residential arm, posted a 19 per cent decline in adjusted operating profits from 1.6bn in the same period last year.