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


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UK?s OVO Energy furloughs 3,400 staff due to coronavirus restrictions

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04/02/2020 | 10:33am EDT

Britain?s second largest energy supplier, OVO Energy, said it had furloughed around a third of its workers because the government's lockdown prevents staff such as smart meter readers and engineers from carrying out operations.

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

"To provide those affected with certainty over the coming months, and following discussion and agreement with relevant Unions, 3,400 staff across OVO and SSE Energy Services will be placed on furlough leave," OVO Energy said in a statement.

OVO earlier this year completed a deal to buy SSE's retail arm, SSE Energy Services, making OVO the country's second largest energy supplier by customer numbers.

OVO said staff affected will receive 80% of their salary under a government-backed scheme and it would top up payments to ensure everybody received 80% of their total salary, regardless of the government?s cap of 2,500 pounds a month.

"Members of the executive team and senior directors have also volunteered to take a 20% pay cut over the next 3 months," the statement said.

Britain's energy trade association, Energy UK, earlier this week called on the government to offer financial support to energy suppliers to help them offer payment breaks to customers struggling with bills.

A spokeswoman for OVO said suppliers were working together to ensure customers remain supplied with energy.

Britain's largest supplier, Centrica, on Thursday cancelled its 2019 dividend and cut costs in anticipation of an increase in non payments by customers, sending its shares to record lows.

By Susanna Twidale

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC 0.98% 41.11 Delayed Quote.-53.89%
MEMBERS CO., LTD. -1.92% 1942 End-of-day quote.-14.71%
SSE PLC 1.40% 1337 Delayed Quote.-7.06%
TEAM, INC. 2.93% 5.97 Delayed Quote.-62.62%
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More news
Sales 2020 25 505 M 33 216 M 33 216 M
Net income 2020 -543 M -707 M -707 M
Net Debt 2020 2 502 M 3 258 M 3 258 M
P/E ratio 2020 -17,5x
Yield 2020 2,52%
Capitalization 2 403 M 3 136 M 3 130 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,26x
Nbr of Employees 25 835
Free-Float 99,9%
Duration : Period :
Centrica plc Technical Analysis Chart | MarketScreener
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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 41,18 GBX
Spread / Highest target 94,3%
Spread / Average Target 30,5%
Spread / Lowest Target -19,9%
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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