Profit soared at British Gas parent Centrica due to a combination of organic growth, acquisitions and cost saving.
Profit soared at British Gas parent Centrica due to a combination of organic growth, acquisitions and cost saving, according to upstreamonline.com.
Net profit for the 12 months to the end of December was £1.27bn ($1.92bn) as against £421m a year earlier.
Group revenues shot from £22.82bn to $23.94bn while costs of sales were kept down from £18.62bn to £18.16bn.
The UK upstream segment contributed 45 per cent of the group’s operating profit with North American chipping in 12 per cent.
Centrica said that from 1 July it will shift from having a regional structure to having an international functional structure. As such Mark Hanafin is taking over as group head of upstream with Chris Weston becoming head of downstream. British Gas managing director Phil Bentley is also stepping down.