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Centrica 4-month Trading Largely Inline With View; Maintains FY Guidance

Centrica plc (CNA.L) on Monday said its operational performance in the first four months of 2019 has been largely in line with expectations, despite challenging trading environment. The company also maintained full year guidance on operating cash flow and net debt.

In its trading statement, the company noted that its trading environment in the four months has been challenging due to a specific set of external factors. These included the expected negative impact from the UK default tariff cap, including the one-off 70 million pounds impact in the first quarter, warmer than normal weather and falling UK natural gas prices.

The company also experienced extensions to outages at the non-operated Dungeness B and Hunterston B nuclear power stations.

The company said these factors are temporary in nature, but will impact financial performance in the first half of 2019 and have also put some further pressure on the outlook for the full year.

However, Centrica is maintaining its full-year guidance on operating cash flow and net debt with cost efficiency delivery expected to accelerate in the second half and a continued focus on capital discipline.

Centrica continues to expect to achieve adjusted operating cash flow in the 1.8 billion pounds to 2 billion pounds range, in-year efficiency delivery of 250 million pounds, like-for-like headcount reduction of 1,500-2,000, and net debt within the 3 billion pounds to 3.5 billion pounds range, among others.

Centrica is due to release its 2019 Interim Results on July 30.

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