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British Gas profits hit by warmer weather British Gas profits hit by warmer weather
(35 minutes later)
British Gas has reported a sharp drop in profits for the first half of the year due to warmer weather.British Gas has reported a sharp drop in profits for the first half of the year due to warmer weather.
Residential supply fell by a quarter to £265m, owner Centrica said. Operating profit at the parent company was down 35% at £1.03bn.Residential supply fell by a quarter to £265m, owner Centrica said. Operating profit at the parent company was down 35% at £1.03bn.
Centrica said the average annual British Gas customer bill would be £90 lower this year than in 2013.Centrica said the average annual British Gas customer bill would be £90 lower this year than in 2013.
Earlier, regulator Ofgem said the big six energy firms were set to double profit margins over the next year.Earlier, regulator Ofgem said the big six energy firms were set to double profit margins over the next year.
The industry accused Ofgem of using inaccurate figures.The industry accused Ofgem of using inaccurate figures.
Profit margins
The predicted fall in bills this year is due to warmer weather and energy efficiencies, Centrica said, rather than to any fall in residential energy prices.
It added that post-tax profit margins would be about 4%, lower than last year and below the 4.5%-5% the company says it needs to achieve in order to make necessary investments in the business.
Centrica said the number of British Gas residential customer accounts fell by about 1% in the first three months of the year before stabilising in the second quarter.
"The first half of the year has seen challenging market conditions across the Group, both as a result of the weather and reflecting the wider political environment," said Centrica chairman Rich Haythornthwaite.