Centrica to extend share buyback as annual profit triples

Pylons photographed in the U.K.

Gareth Fuller | PA Images | Getty Images

Centrica said on Thursday it was extending its share buyback program by £300 million (£361 million) after its annual profit more than tripled on high energy prices, robust electricity generation and gas production levels.

The extension, in addition to the British energy supplier’s existing 250-million-pound buyback program, would result in it buying back 10% of its capital, the group said.

Centrica, which restored dividends in the first half after asset sales and soaring energy prices helped it deliver strong half-year earnings, declared full-year dividend of 3 pence per share.

The British Gas owner’s adjusted operating profit for 2022 rose to 3.3 billion pounds from 948 million pounds in the previous year.