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

CENTRICA PLC

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Centrica : British Gas to furlough 3,800 employees

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04/08/2020 | 06:25am EDT
FILE PHOTO: A British Gas sign is seen outside its offices in Staines in southern England

Britain's largest energy supplier British Gas will furlough around 3,800 employees as the coronavirus pandemic forces the company to scale back operations, parent Centrica said on Wednesday.

The government has ordered sweeping measures to fight the spread of the coronavirus, shutting down much of the economy and asking people to stay inside and avoid non-essential travel.

Centrica employs 20,000 people in Britain.

"We?ve had to scale back some of our operations to focus on emergency work only and looking after our vulnerable customers," a spokeswoman said.

"In the short term we are placing some colleagues, who we can't redeploy to emergency or vulnerable operations, into furlough to protect jobs and our business. They will receive 100% of their regular salary," she said.

Under a government scheme, furloughed staff can receive 80% of their salary. Centrica said it will top up the remaining 20% for its furloughed staff.

When lockdown restrictions start to ease, the company said it will catch up on delivering non-essential services for customers.

Centrica joins other energy suppliers in Britain which have furloughed staff, including E.ON UK, Npower and OVO Energy.

By Nina Chestney


Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC -2.16% 37.039 Delayed Quote.-57.45%
THE NEW HOME COMPANY INC. 2.05% 5.22 Delayed Quote.12.02%
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Financials
Sales 2020 25 505 M 32 977 M 32 977 M
Net income 2020 -543 M -702 M -702 M
Net Debt 2020 2 502 M 3 235 M 3 235 M
P/E ratio 2020 -16,1x
Yield 2020 2,73%
Capitalization 2 218 M 2 879 M 2 868 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,25x
Nbr of Employees 25 835
Free-Float 99,9%
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Technical analysis trends CENTRICA PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 53,75 GBX
Last Close Price 38,00 GBX
Spread / Highest target 111%
Spread / Average Target 41,4%
Spread / Lowest Target -13,2%
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Managers
NameTitle
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
Sector and Competitors
1st jan.Capitalization (M$)
CENTRICA PLC-57.45%2 879
NATIONAL GRID PLC-2.55%42 055
SEMPRA ENERGY-16.75%36 476
ENGIE-27.40%29 661
E.ON SE-5.92%27 465
RWE AG17.04%25 448