British Gas owner forecasts eightfold rise in earnings amid soaring gas prices

Ukraine war’s effect on wholesale gas prices prompts third upgrade in a year from Centrica

British Gas owner Centrica expects a near eightfold increase in its earnings this year as its balance sheet was boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine.

The FTSE 100 group said on Thursday it expects earnings a share to be more than 30p this financial year. That represents an upgrade on City expectations of 23.6p to 26.6p a share, far outstripping the 4p a share generated in 2021, when pre-tax profits hit £761m.