British Gas owner sees shares slump after its profits “normalised”

British Gas owner Centrica (LSE:CNA) slumped on Thursday, losing just over 8% to close at 131.54p, after this morning reporting a significant drop in its first half profits.

Earnings (EBITDA) fell to £1.1 billion, down from £2.3 billion during the same period last year.

British Gas, Centrica’s consumer-facing gas business, reported a first-half operating profit of £159 million, versus nearly £1 billion a year ago.

The utility pointed to a ‘normalisation’ of the international energy market, following the elevated levels in the period following the war in Ukraine.

Centrica meanwhile increased its interim dividend to shareholders by 13%, to 1.5p, and extended its share buyback program by £200 million.

Chief executive Chris O’Shea, meanwhile, highlighted the company's strategic investments in data capabilities, product innovation, and customer service, which he said have driven improvements in Centrica’s operational performance.