UK energy company forecasts higher profit from retail business
LONDON, June 13 (Reuters) - British Gas owner Centrica expects its retail business to generate significantly higher first-half adjusted operating profit than in previous years, it said on Tuesday, citing reduced debt-related costs.
UK energy regulator Ofgem's price cap provides an allowance to account for debt on energy bills that cannot be recovered by suppliers and is ultimately written off.
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In a statement ahead of its annual general meeting on Tuesday, the company said its performance over the first five months of the year has been strong overall.
It expects its full-year group adjusted earnings per share to come near the top end of a predicted range between 16.5 and 24.7 pence per share.
(Reporting by Nina Chestney in London and Eva Mathews in Bengaluru Editing by David Goodman)