StockMarketWire.com - Centrica maintained its full-year outlook despite warning that a number of 'external factors' would impact financial performance in the first half of 2019 and also put some further pressure on the outlook for the full year. 

'The trading environment has been challenging due to a 'specific set of external factors, with the expected negative impact from the UK default tariff cap (including the one-off £70m impact in the first quarter), warmer than normal weather and falling UK natural gas prices,' the company said.

'We also experienced extensions to outages at the non-operated Dungeness B and Hunterston B nuclear power stations.'

Despite the external headwinds, the company maintained its expectations as it looked to ramp up cost cuts.

In first four months of the year, the company made further good progress on cost efficiency delivery, continued to tightly control capital expenditure and completed the sale of the non-core Clockwork Home Services business in North America for $300m (£230m).

'(C)ost efficiency delivery expected to accelerate in the second half of the year and a continued focus on capital discipline, Centrica is maintaining its full-year guidance on operating cash flow and net debt and continues to expect to achieve its 2019 group targets,' the company said.

The company was targeting adjusted operating cash flow in the £1.8-£2.0bn range; Like-for-like headcount reduction of 1,500-2,000; in-year efficiency delivery of £250m and net debt within the £3.0-£3.5bn range.


At 8:01am: [LON:CNA] Centrica PLC share price was +1.16p at 93.76p



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