The Windsor-based company, which is the parent of British Gas, said May 10 that it expects earnings to surge this year on the back of rising energy prices.
Its market value has grown to £5.2 billion ($6.5 billion) from £2.7 billion in 2020, Bloomberg data show, though that’s still far off its £18 billion valuation in 2013. Stocks joining benefit from so-called tracker funds boosting their holdings.Ĭentrica “looks certain” to be added to the index, said Russ Mould, investment director at retail investing firm AJ Bell. Membership is based on market capitalization, with a stock dropping out if its valuation ranks 111 or below among eligible shares. Indicative results of the FTSE 100’s quarterly reshuffle are due after the close of trading on Tuesday. Since then, a new chief executive and a brutal cost-saving program - including 5,000 job cuts - have helped to reverse its fortunes. It was subsequently expelled from the UK’s blue-chip stock index as forecasts for lower earnings and increased competition dragged its shares down. Investors “have been patiently waiting for a turnaround, in what had arguably been a very tough five+ years for the company.”Ĭentrica scrapped its dividend two years ago as the impact of Covid-19 rippled through the industry. “The company will make it clear that it has a duty towards all stakeholders, including its shareholders,” Jenny Ping, an analyst at Citigroup Inc., said in a note to clients. for a windfall tax as consumers suffer the worst cost-of-living crisis in decades. It now faces a difficult balancing act: rewarding investors that stuck with it through bad times, while fighting the growing clamor in the U.K. The shares of Britain’s biggest energy supplier have jumped almost 70% in the past year.
But the limelight may be uncomfortable as the utility weighs investor calls for a long-awaited dividend against customer demands for help with soaring bills. (Bloomberg) - Centrica Plc is set to rejoin the FTSE 100 after a stellar run.
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