Proactive Investors - British Gas owner Centrica PLC (LON:CNA) said its performance so far this year has been in line with analyst expectations, with a "more normalised" market backdrop as gas prices retreat from the highs following the Ukraine invasion.
Ahead of its annual general meeting today, the FTSE 100 company said full-year adjusted earnings per share are expected to be in-line with consensus analyst expectations, which currently stands at 18.3p.
As usual, it said profits are likely to be strongly weighted towards the first half of the year.
This is helped by energy price hedging, which is expected to underpin a "resilient" first half for the infrastructure businesses, as gas prices fall, with second half results expected to reflect lower commodity prices.
The company said that, two years ahead of schedule, British Gas Residential supply and all the other services and energy arms are within their medium-term sustainable adjusted operating profit ranges.
To improve financing, Centrica has followed up the recent refinancing of a hybrid bond by yesterday announcing a liability management exercise to improve balance sheet efficiency.