Centrica prepares to slash jobs after profit plummets in 2014

Caitlin Morrison
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British Gas-owner Centrica is yet to tell investors whether their 2014 dividend will be cut

Utility firm Centrica, owner of British Gas, is expected to announce profits dropped by a third in 2014 when it publishes its results on Thursday.

The company is also likely to reduce projected spending for 2015, and is reportedly preparing to cut jobs. These results are the first set of numbers that have been delivered under new chief executive Iain Conn, who joined the firm six weeks ago from oil giant BP, where he was head of refining and marketing.
Investors are uncertain about whether Conn will choose to cut the dividend, although Angelos Anastasiou, utilities analyst at Whitman Howard, last week predicted a 2.9 per cent increase, resulting in a final dividend of 12.3p.
Last week, Centrica announced that British Gas is buying technology firm AlertMe for £44m, a move that Anastasiou described as a “small, but sensible step”, which could lead to greater product opportunities in the North American and Irish markets.

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