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British Gas profits up 23%

Centrica said profits at its British Gas Residential arm rose 23% to £345 million in the six months to June 30.

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Chief executive: 'Centrica has performed well'

Centrica, which owns British Gas, said higher volumes and tariffs more than offset the higher commodity prices and other costs. But it claims to control just 15% of a customer's bill through its operating costs and profit margins.

Chief executive Sam Laidlaw said:

Centrica has performed well in the first half of 2012 despite challenging market conditions, although the increase in earnings must be placed in the context of unusually low levels of consumption and profits in the UK in the first half of 2011.

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