British Gas urged to cut prices as profits soar

A 31% profit spike for British Gas has fuelled further controversy over energy prices with critics saying companies are too slow to pass on savings in wholesale prices to customers.

British Gas became one of the last Big Six providers to lower gas prices in the recent round of reductions, with a 5.1% decrease from March 16.

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British Gas reports £574 million profit last year

Operating profits for British Gas residential arm rose by 31%. Credit: PA

Britain's biggest residential energy supplier British Gas has reported a sharp increase in profits for 2015.

Energy group Centrica confirmed a 31% increase in operating profits at its British Gas residential arm at £574 million last year.

However, wider group underlying earnings at owner Centrica fell 12% to £1.46 billion.

Operating profit the previous year was at £439 million.

Earlier this month, the company announced it is cutting 500 jobs saying it had to be competitive in a "fast-changing" energy market.

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