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News Release from: uSwitch | Subject: Gas
Edited by the Insidemoneytalk Editorial
Team on 21 February 2008
News alert - Centrica year end results
expected at 07.00hrs on Thursday 21st
February 2008
British Gas projected to make almost £640 million in profits [1] - more than six times the £95 million it made in 2006. A month ago it put prices up by 15% or £139 for customers[2]...
What this means[1]: 2007 projected profits show a 573% increase on the previous year British Gas' profit margin estimated to increase from 1.3% to 10.5%
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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The cost of buying gas predicted to have decreased from £3.3bn in 2006 to £1.9 billion in 2007- a 40% decrease[3].
Projections suggest that British Gas will see its profit per customer increase fivefold from £5.93 to £39.92.
uSwitch.com available for comment: Ann Robinson, Director of Consumer Policy, and Tim Wolfenden, Head of Home Services at uSwitch.com, are available for comment in the run up to, and on the day of, Centrica's announcement.
They will be on hand to discuss issues such as: Profits and price rises - what this means for consumers.
Is British Gas winning or losing customers - should customers stay or should they go? No longer the 'cheapest' dual fuel provider - what this really means for households still with British Gas Customer service issues - has the energy giant successfully shaken off its customer service nightmare? For more information or to arrange to speak to a spokesperson please contact:Jo Ganly at uSwitch on 0207 802 2915 or joganly@uswitch.com.
Cristina Rebollo at uSwitch on 0207 8022958 or cristinarebollo@uswitch.com.
Siobhan McCluskey, Lansons Communications on 0207 294 3684 siobhanm@lansons.com.
Nicola Hussey, Lansons Communications on 020 7566 9718 nicolah@lansons.com.
Joe Laing, Lansons Communications on 020 7294 3649 Joel@lansons.com.
For more information visit www.uSwitch.com or call 0800 093 06 07.
1.
According to Citigroup in the Daily Telegraph article 'British Gas set to make £40 profit from every customer' by Gary Cleland, 10th January 2008.
2.
Average bill size based on a medium user profile, dual fuel British Gas standard tariff customer, paying on receipt of bill.
Bill sizes averaged across all regions.15% from British Gas' pricing announcement 18th January, 2008.
3.
From Citigroup projections.
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