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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Centrica plc    CNA   GB00B033F229


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British Gas owner Centrica plans to cut about 5,000 jobs

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06/11/2020 | 05:37am EDT
File photogrpah shows a gas cooker in Boroughbridge

By Susanna Twidale

British Gas owner Centrica plans to cut around 5,000 jobs, almost 20% of its global workforce, it said on Thursday, as the energy utility deepens its restructuring efforts in the wake of the COVID-19 pandemic.

More than half of the job losses are expected to come from management teams and follow 4,000 cuts planned by this year which were announced in 2018.

"The harsh reality is that we have lost over half of our earnings in recent years. Now we must bring focus by modernising and simplifying the way we do business," Group Chief Executive Chris O'Shea said in a statement.

Centrica on Thursday also announced Johnathan Ford as its new finance chief.

The company has seen the pandemic curb energy demand and has had to adapt to a price cap imposed in 2019 on the most common energy tariffs in Britain.

Earlier this year it canceled its dividend for 2019 and warned of an increase in non-payments by customers.

It said its latest restructuring push would lead to fewer customer-facing business units and that the job cuts could come as soon as the second half of this year.

Centrica currently employs around 27,000, with around 20,000 based in the UK.

A spokeswoman for the company said it was unable to disclose the locations for the proposed job cuts as they are subject to consultation, but said the proposed changes would be across all divisions of the company.

Centrica shares were down around 4.5% in early trade on Thursday.

(Reporting by Susanna Twidale in London, additional reporting by Yadarisa Shabong in Bengaluru; editing by Sherry Jacob-Phillips and Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -1.20% 21.32 Delayed Quote.287.64%
CENTRICA PLC -2.08% 37.1694 Delayed Quote.-57.45%
JASON CO., LTD. 0.57% 711 End-of-day quote.95.33%
JUST GROUP PLC -0.85% 42.1 Delayed Quote.-46.25%
THE GLOBAL LTD. 2.65% 232 End-of-day quote.-50.74%
THE LEAD CO., INC. 1.32% 385 End-of-day quote.-1.28%
THE NEW HOME COMPANY INC. 2.05% 5.22 Delayed Quote.12.02%
WILL GROUP, INC. -3.35% 809 End-of-day quote.-35.38%
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More news
Sales 2020 25 505 M 33 003 M 33 003 M
Net income 2020 -543 M -702 M -702 M
Net Debt 2020 2 502 M 3 237 M 3 237 M
P/E ratio 2020 -16,9x
Yield 2020 2,60%
Capitalization 2 322 M 3 036 M 3 005 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,25x
Nbr of Employees 25 835
Free-Float 99,9%
Duration : Period :
Centrica plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CENTRICA PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 53,75 GBX
Last Close Price 39,79 GBX
Spread / Highest target 101%
Spread / Average Target 35,1%
Spread / Lowest Target -17,1%
EPS Revisions
Christopher O’Shea Group Chief Executive Officer & Executive Director
Jonathan Scott Wheway Chairman
Johnathan Richard Ford Chief Financial Officer & Director
Charles Cameron Director-Technology & Engineering
Mike Young Group Chief Information Officer
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