Earnings release
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10 May 2021 Centrica plc AGM Trading Update In advance of Centrica's Annual General Meeting at 11am BST today , the Company is providing an update on its performance and progress . Chris O'Shea , Group Chief Executive : " As expected , trading conditions have remained tough in the year to date . However , the modernisation of our Group remains on track and the difficult , but necessary process to move colleagues onto new terms and conditions is now complete . We are pleased that 98 % of UK colleagues have accepted the new contracts which will enable us to better serve the needs of our customers . Although the external environment remains uncertain , our tight focus on cash and on fixing the basics across the Group leaves us well placed as we continue the turnaround of our company . " The factors impacting our 2021 outlook remain broadly unchanged since the time of the Preliminary Results in February . Some updates on performance and progress are provided below : • • Our significant Group restructure is on track and we continue to expect year - on - year operating cost savings of more than £ 100m in 2021 . As expected , Covid - 19 continues to impact the Company . In Q1 2021 , electricity demand from our UK business customers was negatively impacted by around 15 % , residential boiler installations were down 11 % compared to Q1 2020 , and non - essential service visits were postponed in order to protect colleagues and customers from the risks of catching and spreading Covid - 19 . Bord Gáis Energy's Whitegate power station is now expected to return to service around the end of this year . Group net debt including margin cash at the end of Q1 2021 was £ 0.5bn , down from £ 3.0bn at the start of the year , including the impact of net proceeds from the sale of Direct Energy . Given the ongoing uncertain outlook , we are still not providing any specific Group earnings or cash flow guidance for 2021. The Company is due to release its 2021 Interim Results on 22 July 2021 . ENDS Enquiries : Investors and Analysts T : 01753 494900 E : ir@centrica.com Media T : 01784 843000 E : media@centrica.com