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British Gas owner Centrica to cut 4,000 jobs after 'significantly reduced profit'

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British Gas owner Centrica says it will shed 4,000 jobs by 2020 as it announces a big fall in operating profit.

 

The group said that it was chasing savings of £1.25bn per year by 2020 and that this would likely see a "reduction in like-for-like headcount of around 4,000" by the same year.

 

Some 65% of of the savings will be in operating costs and around £350m will be in the consumer division, which will see "further digitisation".

 

There will be a further 1,000 roles created by 2020 across three departments, however.

 

The announcement came as the firm reported its full-year results to 31 December, which revealed a 17% fall in group adjusted operating profits to £1.25bn.

 

Centrica's group chief executive Iain Conn described the firm's financial results in the second half of last year as "weak", and said that political intervention in the UK energy market was a major factor.

 

https://uk.news.yahoo.com/british-gas-owner-centrica-significantly-reduced-profit-uk-075600459.html


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