HOUSTON, July 26, 2012 /PRNewswire/ -- Direct Energy, one of North America's largest competitive energy and energy-related services providers, today announced an operating profit for the first six months of 2012 of US$263 million. The company saw year-over-year revenue decrease from US$5.0 billion in 2011 to US$4.6 billion in 2012. Direct Energy is the North American subsidiary of Centrica plc (LSE: CNA). Centrica reported half-year 2012 revenues of £12 billion ( US$19.4 billion) and earnings of £767 million ( US$1.2 billion).
Direct Energy's profit was driven by sustained sales growth in the company's residential and business customer segments, particularly in the competitive retail markets in Texas and the U.S. Northeast, as well as improvements and efficiencies in its upstream and downstream operations. In addition, the recently completed upstream gas, home energy services and retail gas and power acquisitions helped improve sales growth and the company will be building on these acquisitions to deepen customer relationships by enhancing propositions to the customer through joining our services and energy products. The company experienced strong organic growth in customer numbers alongside higher levels of customer service, having entered several new markets through both the residential and business lines of business across North America since the start of 2012.
"Direct Energy delivered a solid first half, continuing to invest for growth across the business," said Chris Weston, President and CEO of Direct Energy. "Despite the challenges related to gas prices and mild weather during the first half of the year, the momentum gained from our recent acquisitions has provided further capacity for growth, operational improvements and cost efficiencies, which positions us well to deliver on our year-over-year profit growth targets."
First Half 2012 highlights from Direct Energy's lines of business include:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV