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| British Gas profits jump to £571m | British Gas profits jump to £571m |
| (20 minutes later) | |
| Energy supplier British Gas has reported annual profits of £571m at its residential arm, up from £95m in 2006. | Energy supplier British Gas has reported annual profits of £571m at its residential arm, up from £95m in 2006. |
| The news came as Centrica, British Gas' parent company, announced group pre-tax profits for last year of £2.1bn. | The news came as Centrica, British Gas' parent company, announced group pre-tax profits for last year of £2.1bn. |
| Last month, British Gas said it would raise the amount it charges for gas and electricity by 15%, a move criticised by consumer groups and the Unite union. | Last month, British Gas said it would raise the amount it charges for gas and electricity by 15%, a move criticised by consumer groups and the Unite union. |
| The announcement followed increases from rivals Npower and EDF Energy, who blamed rising wholesale costs. | The announcement followed increases from rivals Npower and EDF Energy, who blamed rising wholesale costs. |
| Rising prices | Rising prices |
| Operating profits across the Centrica group rose 40% to £1.95bn. | |
| Chairman Roger Carr said: "Centrica delivered very strong financial results during another challenging year for UK energy retailers." | Chairman Roger Carr said: "Centrica delivered very strong financial results during another challenging year for UK energy retailers." |
| Consumers will be shocked at this massive increase in profits Tim Wolfenden, Uswitch | |
| The company said it had worked "diligently" to minimise the impact of rising wholesale energy prices in 2007. | The company said it had worked "diligently" to minimise the impact of rising wholesale energy prices in 2007. |
| Centrica said two-thirds of the group's earnings were made in the first half of 2007, when wholesale gas prices were falling. | Centrica said two-thirds of the group's earnings were made in the first half of 2007, when wholesale gas prices were falling. |
| British Gas did reduce customers' bills then, but consumer group Energywatch says energy companies did not pass on the full reduction to householders. | British Gas did reduce customers' bills then, but consumer group Energywatch says energy companies did not pass on the full reduction to householders. |
| It has called for a Competition Commission investigation into the way the energy market works. | It has called for a Competition Commission investigation into the way the energy market works. |
| Customer numbers fall | |
| "Consumers will be shocked at this massive increase in profits," said Tim Wolfenden from price comparison service Uswitch. | |
| "They will be extremely disappointed and will start voting with their feet." | |
| Centrica said customer service at British Gas had "significantly improved", with 200,000 customers returning in the second half of last year. | |
| But overall the number of gas customers fell in 2007 by 2.4% to just over 10 million. | |
| Centrica has increased its full-year dividend to shareholders by 17% to 13 pence per share. | Centrica has increased its full-year dividend to shareholders by 17% to 13 pence per share. |