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British Gas owner plans new turnaround effort as profits hit record low

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Supplier’s full-year earnings fall by more than a third, and owner Centrica records £577m pre-tax loss

The owner of British Gas has launched its second turnaround programme in five years after the energy supplier’s earnings plunged to their lowest on record.

The supplier’s full-year earnings tumbled by more than a third to £80m last year after the coronavirus pandemic caused many of its business customers to shut their offices, while homes used less gas and electricity over the warm and bright summer months.

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