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May 10, 2021, 2:18 a.m. EDT

Centrica doesn't provide guidance as virus weighs

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By Jaime Llinares Taboada

Centrica PLC said Monday that it continues to be hurt by the coronavirus pandemic and didn't provide financial guidance for 2021.

The owner of British Gas said trading conditions have remained tough in the year to date. Power demand from Centrica's business customers fell 15% in the first quarter of 2021 and residential boiler installations were down 11%.

"Given the ongoing uncertain outlook, we are still not providing any specific group earnings or cash flow guidance for 2021," the company said.

In addition, Centrica said its restructuring is on track and it continues to expect year-on-year operating cost savings of more than 100 million pounds ($139.8 million). Around 98% of its U.K. employees have accepted new contracts, Chief Executive Chris O'Shea noted.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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