Profits at Centrica fell 12 per cent during 2015 due to “a very challenging environment”, the company said in its preliminary 2015 results announcement today.

The company’s chief executive, Iain Conn, said: “2015 provided a very challenging environment for Centrica. Commodity prices continued to fall during the year, creating major challenges for our E&P (exploration and production) and nuclear power businesses. However, Centrica delivered a resilient financial performance against this backdrop, with increased adjusted operating cash flow and a 9% reduction in net debt in the year. In addition, the actions we have taken since the start of 2015 on the dividend, capital expenditure and costs mean the Group is robust in this much lower oil and gas price environment.”

Read the full results announcement: Preliminary results for the year ended 31 December 2015

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