Centrica Shares Sink 9% as Profits Halve and £800M Buyback Paused

Centrica PLC shares extended their decline to 9% following financial results that revealed a 50% drop in adjusted operating profit to £800 million. The British Gas owner confirmed the suspension of its £800 million share buyback program to prioritize capital for major energy infrastructure projects. Despite the slump in operating income, the company reported adjusted pre-tax profits of £1.4 billion for the period. CEO Chris O'Shea stated that the strategic pivot aims to fund critical long-term investments, including the Sizewell C nuclear plant and LNG infrastructure. Investors reacted sharply to the combination of halved operating earnings and the sudden cessation of immediate cash returns. This move highlights a significant shift toward capital-intensive energy security projects at the expense of near-term shareholder distributions.