Gas group results

Centrica has announced its 2009 interim results, reporting a five per cent drop in operating profits to £936m for the first half of this year.

British Gas, part of the Centrica Group, reported a dramatic 80 per cent increase in profits, which analysts attribute in part to high gas prices in 2008 and the colder winter.

The residential energy sector of British Gas posted £4.3bn revenue for the first half of 2009 compared to £3.8bn this time last year.

Centrica also announced plans to grow the company, which could include a takeover of Venture Production if the North Sea oil and gas producer agrees to a £1.3bn cash offer. Centrica currently has a 29.9 per cent stake in Venture.

Other areas of interest for Centrica include the creation of 3,000 new skilled and ‘green-collar’ jobs by 2011, including the creation of a smart-metering business.

Sam Laidlaw, chief executive of Centrica, said the company is continuing to make efforts in bringing together the three segments of British Gas under one management structure.