StockMarketWire.com - Centrica today reported adjusted earnings up 3% to £1.333bn for the year to end-December 2011, with adjusted basic earnings per share of 25.8p.

British Gas Residential operating profit was down 30% to £522m.

Upstream UK operating profit was up 33% to £1.023bn.

North America operating profit was up 33% to £312m.

Adjusted tax charge increased from £761m to £891m; 40% effective tax rate.

Full year dividend was up 8% to 15.4p per share, reflecting long-term growth through investment.

Centrica said a £500m cost reduction programme is underway to maintain competitiveness and enable growth.

£1.6bn was invested in 2011 and the group has already announced a further £1.4bn of acquisitions for 2012.

Long term strategic partnerships with Qatargas and Statoil have been established.

Commitments to secure gas for the UK now total over £50bn.

Upstream UK gas and oil production is expected to increase by over 25% in 2012.

Lincs offshore windfarm is on track to produce its first power this year.

Centrica said it was the first of the major energy suppliers to cut prices in 2012 and offers the cheapest standard electricity of any major supplier at average consumption. Actual household dual fuel bills were £37 lower on average in 2011 at £1,024.

Sam Laidlaw, CEO, said: '2011 was a tough year, both for Centrica and our customers. But the strength of our integrated business and balance sheet means we've been able to take the lead in helping customers through these difficult times, as well as delivering growth and making the investments on which Britain's energy future depends.'

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