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Centrica Says Trading Conditions Remained Tough In Year To Date

Centrica plc (CNA.L) said that its trading conditions have remained tough in the year to date. However, the modernization of Group remains on track and the difficult, but necessary process to move colleagues onto new terms and conditions is now complete.

The company said that 98% of UK colleagues have accepted the new contracts which will enable the company to better serve the needs of customers.

The factors impacting 2021 outlook remain broadly unchanged since the time of the Preliminary Results in February.

The company continues to expect year-on-year operating cost savings of more than 100 million pounds in 2021.

Centrica noted that the Covid-19 continues to impact the company. In the first-quarter 2021, electricity demand from UK business customers was negatively impacted by around 15%, residential boiler installations were down 11% compared to last year, and non-essential service visits were postponed in order to protect colleagues and customers from the risks of catching and spreading Covid-19.

Bord Gáis Energy's Whitegate power station is now expected to return to service around the end of this year.

The company said it still not provide any specific group earnings or cash flow guidance for 2021.

The company is due to release its 2021 Interim Results on 22 July 2021.

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