StockMarketWire.com - Centrica said Iain Conn agreed to step down as chief executive of Centrica as the energy supplier slashed its dividend after swinging to a loss in the first half of the year amid an 'exceptionally challenging environment.'

The company also detailed plans to exit oil and gas production in an effort to simply its portfolio.

The 2019 full year expected dividend was rebased to 5.0p per share, which the company balmed on a change in circumstances, including the UK default tariff price cap, and additional pension deficit contributions and restructuring charges.

Centrica also said it would exit oil & gas production, which combined with its intended exit from Nuclear generation would complete its shift towards the customer creating a 'leading' international Energy Services and Solutions provider.

For the six months ended 30 June, the company reported a pre-tax loss of $446m, compared with a profit of £704m a year earlier as adjusted revenue fell 2% to £13,808m.

Centrica Consumer customer accounts grew by 314,000; UK Home accounts were down 38,000 with energy supply accounts down 178,000, but with growth in May and June. UK services accounts were up 140,000, the company said.

The company said it continued to expect to meet 2019 full-year targets, including adjusted operating cash flow in the range £1.8bn-£2.0bn and net debt in the range £3.0bn-£3.5bn.

The company declared an intermit divined of 1.5p a share down 58% from a year earlier.

At 8:10am: [LON:CNA] Centrica PLC share price was -8.73p at 82.11p



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