Britain’s top energy supplier Centrica said today it would cut 4,000 jobs by 2020 after announcing a 17-per cent drop in profits in 2017 due to a loss of customers and poor performance in North America.
“We expected the new programme to involve reduction in like-for-like headcount of around 4,000 by 2020,” the company, which employs around 33,000 people, said in a statement.
Centrica chief executive Iain Conn said the company’s financial result for the year had been “weak” and put the blame partly on the possibility of a price cap being introduced in Britain.
“There is a link between our cost efficiency programme and preparing for any price cap in the UK. We’ve got to be competitive and this measure means we’ve got to drive more efficiency,” Conn told the BBC. Read More…