Profits at British Gas rise 31%

British Gas, the country’s largest residential energy supplier, saw its profits leap by 31% in 2015.

Last year, the company’s operating profit hit £574m, according to its owner Centrica.

Despite the increased takings at British Gas, energy group Centrica’s own underlying earnings dropped by 12% to £1.46bn.

Commenting on the results, chief executive Iain Conn said Centrica delivered a financially “resilient” performance in the face of plummeting wholesale oil and gas prices.

At the beginning of February, British Gas revealed a plan to axe 500 jobs across its loft and cavity wall insulation business, as part of its efficiencies programme.

Mark Hodges, British Gas’ chief executive of energy supply and services for the UK and Ireland, said of the decision: “British Gas is well positioned to grow, but we must ensure that our costs allow us to be competitive for our customers.”

Last week, British Gas announced a 5.1% cut in its prices, following in the wake of the other ‘big six’ energy suppliers.