February 22, 2018 / 7:21 AM / 3 months ago

Britain's Centrica posts 17.4 pct fall in FY profit

Feb 22 (Reuters) - Britain’s largest energy supplier Centrica, which issued a profit warning in November, raised its cost efficiency programme target by 500 million pounds ($694.00 million) and said it would cut about 4,000 jobs by 2020.

The company, which also reported a 17.4 percent fall in full year operating profit, said the additional savings would take the total targeted costs savings to 1.25 billion pounds per annum by 2020.

The company said its adjusted operating profit fell to 1.25 billion pounds in the year ended Dec. 31, from 1.5 billion pounds a year ago, hurt by higher competition in North America and Britain.

Total consumer energy supply customer accounts fell 6.6 percent to 24.4 million, while in the business segment it fell 5.9 percent to 1.3 million.

$1 = 0.7205 pounds Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair

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