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Not Happy British Gas Profits Soar 500% !!

This is outrageous !!

What a bunch of :sw: s

British Gas
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Re: British Gas Profits Soar 500% !!

I think people should boycott them... and they tried to orginally justify the price increase
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Re: British Gas Profits Soar 500% !!

Isn't capitalism wonderful?
 
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Re: British Gas Profits Soar 500% !!

Anyone for a windfall tax...?
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Re: British Gas Profits Soar 500% !!

Time to buy some shares in Centrica I think
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Re: British Gas Profits Soar 500% !!

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Originally Posted by Pud237 View Post
Time to buy some shares in Centrica I think
No actually that would have been yesterday Sell them today, make a tidy profit on a single days trading.
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Re: British Gas Profits Soar 500% !!

Its all about the share dividend not service, £500 mil pales into insignifcance compared to shells £13.4 billion.

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Re: British Gas Profits Soar 500% !!

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No actually that would have been yesterday Sell them today, make a tidy profit on a single days trading.


True..
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Re: British Gas Profits Soar 500% !!

but i guess there going to need alot of funding on the exploration side, i mean the source of the gas now wont last forever.
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Re: British Gas Profits Soar 500% !!

The reason Rip-off Britain exists
is because when all the privatisation
went down, no one gave a monkey's
and in fact profited from it.
"Tell Sid!"

No point moaning now.
 
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Re: British Gas Profits Soar 500% !!

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Originally Posted by Nev View Post
The reason Rip-off Britain exists
is because when all the privatisation
went down, no one gave a monkey's
and in fact profited from it.
"Tell Sid!"

No point moaning now.
Could not agree more, Thatchers legacy
 
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Re: British Gas Profits Soar 500% !!

Time to rip out the gas and get a wood burning stove me thinks. Not only can I get my hands on loads of free wood, it is carbon neutral.
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Re: British Gas Profits Soar 500% !!

Unfortunately some dickheads
thought it was a good idea to
build gas fired power stations
in the UK.

Idiots.
 
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Re: British Gas Profits Soar 500% !!

Thats right Nev, considering we have vast reserves of Coal it does seem a bit odd. I suppose all the coal mines were closed because of Maggie T which didn't help.
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Re: British Gas Profits Soar 500% !!

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Originally Posted by symonh2000 View Post
Thats right Nev, considering we have vast reserves of Coal it does seem a bit odd. I suppose all the coal mines were closed because of Maggie T which didn't help.
Yes she closed the essentials and sold the silver good old Thatcher
 
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Re: British Gas Profits Soar 500% !!

I work for Centrica, and we got alot of information regarding this, basically it was:

2007 was a year of two halves; first half saw lower wholesale energy prices allowing us to cut our energy prices, second half saw a sharp rise in wholesale prices.
Two thirds of our 2007 profit came from the first six months of the year. But by the end of 2007, British Gas Residential was loss-making due to a sharp rise in wholesale energy prices.
Our highest priority now is investing billions of pounds to secure new sources of gas and power for customers.
We will also need to invest billions more in low carbon power generation by 2020.


You don't have to except any of the above and i'm not about to defend it too much, but it is a business and Centrica took British Gas and have turned it into a viable business and sorted alot of the bad reputation it had, out. Anyway it is crazyu profit but at least we haven't had price increase then piled 80 million pounds into sponcering the 2012 olympics like E-On have!!

I have shares in Centrica
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Re: British Gas Profits Soar 500% !!

Bit more info for a fair balance to this thread/debate:

The comments by CBI director-general Richard Lambert are thought to be unprecedented for Britain’s leading management organisation. It normally defends only sectors, rather than individual companies.



He said in a lunchtime statement: "It is not the job of the CBI to comment on individual companies' profits but given the reaction by some non-government organisations to Centrica's profits there are three points worth making.



"One, volatile gas prices led to a big swing in reported profits. The first half of 2007 show a £676 million shift from loss to profit in British Gas Residential's operating results. In the second half of the year, as gas prices rose, profits fell to just £38 million.



"Two, operating profits at British Gas of £571 million for the year need to be put in context of sales of £6.45 billion. This is a very big company.
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Re: British Gas Profits Soar 500% !!

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Originally Posted by rayq81 View Post
Yes she closed the essentials and sold the silver good old Thatcher
Being an ex-miner dont start me off

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Re: British Gas Profits Soar 500% !!

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Originally Posted by symonh2000 View Post
Thats right Nev, considering we have vast reserves of Coal it does seem a bit odd. I suppose all the coal mines were closed because of Maggie T which didn't help.
It's easy to blame Thatcher (and the Unions if we are being fair) for the closure of uk pits but the truth of the matter lies some distance away under the title of globalisation. Uk coal became uneconomical to mine once cheap coal became available from abroad. The mines, steel works, shipyards had been propped up for years by taxpayers subsidies and protectionist measure that didn't allow access to Uk markets.

Freeing up markets drove the UK to being a dynamic and efficient economy now 4th in the World.

Believe me, I lived through all that crap in the sixties and seventies and although privatised industries are far from perfect they are a far better proposition for workers and customers than state ownership.
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Re: British Gas Profits Soar 500% !!

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Freeing up markets drove the UK to being a dynamic and efficient economy now 4th in the World.
We're 6th now, we were 4th in 1997 but have since been overtaken by China and France ()
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and France ()
Which just proves that nationalised industries and a
lazy, striking workforce won't necessarily hold you back!
 
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Re: British Gas Profits Soar 500% !!

Quote:
Originally Posted by GranTurismo View Post
I work for Centrica, and we got alot of information regarding this, basically it was:

2007 was a year of two halves; first half saw lower wholesale energy prices allowing us to cut our energy prices, second half saw a sharp rise in wholesale prices.
Two thirds of our 2007 profit came from the first six months of the year. But by the end of 2007, British Gas Residential was loss-making due to a sharp rise in wholesale energy prices.
Our highest priority now is investing billions of pounds to secure new sources of gas and power for customers.
We will also need to invest billions more in low carbon power generation by 2020.


You don't have to except any of the above and i'm not about to defend it too much, but it is a business and Centrica took British Gas and have turned it into a viable business and sorted alot of the bad reputation it had, out. Anyway it is crazyu profit but at least we haven't had price increase then piled 80 million pounds into sponcering the 2012 olympics like E-On have!!

I have shares in Centrica
so i was pretty much on the mark with the exploration fundings

now could be a good time to top up your shares with centrica due to the recent slump in price. brokers also rating the stock as BUY.

to add a bit more balance:
Sam Laidlaw, the Centrica chief executive, plans to spend at least £1 billion a year over the next few years buying gasfields to supply its customers.

In particular, the utility giant is thought to be eyeing an offer for the Nogat fields, which were put up for sale late last year.

The move is part of the groupís plans to cut its dependence on buying gas from the wholesale market, where prices have fluctuated wildly in recent months.

Centrica came under fire last week after it emerged it had made record annual profits of £1.9 billion, a month after raising customer prices by 15%.

The company has attempted to argue that the huge profits emerged after it misjudged the movement of prices in the gas market. Centrica raised its prices after anticipating that the market price for gas would be 45p a therm in the depths of winter. In the end, the price was only 25p a therm.

Npower, owned by Germanyís RWE, announced on Friday it had seen a 40% jump in profits in its UK business to £545m.
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