StockMarketWire.com - Centrica swung to an annual loss as a cap on tariffs and falling energy prices weighed on performance.

For the year ended 31 December, the company reported a pre-tax loss of £1.1m, compared with a profit of £575m a year earlier as revenue fell 2% to £22.7bn on-year.

Group adjusted gross margin fell by 9% to £3,852m and adjusted operating profit fell by 35% to £901m compared to 2018.

The company recorded a pre-tax exceptional charge of £1,103m, including impairments of E&P and nuclear assets, which it blamed on a reduction in commodity price forecasts, and restructuring costs of £356m.

Overall consumer customer account holdings were up 722,000 in 2019.

The full year dividend was cut to 5.0p from 12p, in line with the rebasing announced in July at the interim results, the company said.

Looking to 2020, the company said it expected lower adjusted operating cash flow this year within a range of £1.6bn to £1.8bn, below adjusted operating cash flow generated in 2019.

'2019 operating profit and earnings were materially impacted by a challenging environment, most significantly the implementation of the UK default tariff cap and falling natural gas prices,' Centrica said.

Story provided by StockMarketWire.com