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British Gas first-half profit surges 889% to record £969m


British Gas saw its first-half adjusted operating profit surge by 889 per cent, from £98million to £969million.

Centrica's UK retail supplier enjoyed its highest ever first-half profit after Ofgem permitted it, and other providers, to claw back more cash from household bills.

In a tweak to the energy price cap, suppliers have been able to recoup some of the costs of supplying customers during the energy crisis, prompting a profit boost.

British Gas parent group Centrica said it would increase returns for shareholders amid bumper profits enjoyed in the first half.

The upturn in profits came despite falls in oil and gas prices which affected other energy firms.

Last year, Centrica unveiled a threefold rise in profit last year to £3.3billion, while many British households struggled to keep up with sky-high energy bills.

Centrica's adjusted operating profit for the first six months of 2023 rose to £2.08billion pounds, up from £1.34 billion pounds a year earlier.

British Gas supplies about 7.5million households and 480,000 small businesses.