Article 3GFY6 British Gas owner to cut 4,000 jobs blaming price cap and competition

British Gas owner to cut 4,000 jobs blaming price cap and competition

by
Adam Vaughan
from on (#3GFY6)

Centrica profit falls nearly 20% as it expands cost-cutting drive to save extra 500m a year

Centrica, the owner of British Gas, will shed a further 4,000 jobs by 2020 as part of a cost-cutting programme, which it blamed on the government's energy price cap and fierce competition in the market.

Britain's largest energy company reported on Thursday a fall of 17% in operating profit to 1.25bn in 2017, owing to poor performance in its business energy supply and North America divisions.

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