British Gas owner to axe 4,000 jobs - despite making £1.25bn profit.

British Gas owner Centrica is to axe 4,000 jobs despite making a profit of £1.25bn.

It blamed a number of factors for the move – including pointing the finger at the government’s energy price cap.

Centrica shed 1.4m customers and described its performance in the UK in the second half of last year as “weak”.

Chief executive Iain Conn revealed group profits fell 17%, adding that the job losses were in part owing to “intense” competition and partly to customers “moving to digital”.

By Mark Norman.

Full story at Yahoo News.