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Introduction
Centrica, formed in 1997 following the de-merger of British Gas plc, is a leading
provider of energy and other essential services. It sells its services in the UK, North
America and in several European markets. In Britain, it does so through three
consumer brands, British Gas, Dyno Group and Onetel; and through a developing
range of services from the British Gas Business division. In North America it is the
market leader in the unregulated sector of energy supply and home services
through its subsidiary Direct Energy. And in Europe it supplies customers in the
recently deregulated energy markets of Belgium, Spain and the Netherlands.
Executive Summary
In fewer than nine years, Centrica has transformed itself from what was essentially
a gas supplier in a monopoly market to a highly competitive seller of an array of
services in the UK, US, Canada and Europe.
From its formation it has had a strong and respected brand in British Gas. It has
since diversified by acquiring Onetel, the largest provider of indirect telecoms
services in the UK, in 2001; and the Dyno Group, the UK’s leading on-demand
drain maintenance specialist, in 2004. It has also expanded into the North
American and European markets despite many state-owned or monopolistic
competitors in the latter.
The Group operating profit in 2004 was £1.22bn (£1.05bn in 2003, £932m in
2002): and turnover, dividends and other key financial measures have all
increased strongly in the last five years. The Group employs around 35,000
people, around 3,500 of whom work in the US and 1,100 in IT.
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