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Direct Energy Delivers Solid First Half Operational Performance

Stocks in this article: CNA

HOUSTON, July 31, 2013 /PRNewswire/ -- Direct Energy, North America's largest competitive energy and energy-related services company, today announced operating profit of $255 million for the first six months of 2013. The company saw year-on-year total revenue increase to $4.931 billion from $4.371 billion for the same period in 2012, reflecting volume growth and higher wholesale prices. Direct Energy is the North American subsidiary of Centrica plc (LSE: CNA), a leading integrated energy company. Centrica reported first half 2013 revenues of £13.7 billion ( US$21.085 billion) and earnings of £767 million ( US$1.185 billion).


Badar Khan, President and CEO of Direct Energy, said: "Direct Energy delivered strong operational performance in the first half of the year, against a backdrop of rising gas and power prices, which resulted in some narrowing of margins. We have seen an increase in business supply volumes compared to 2012 and material improvements in the new housing market in the U.S., which have contributed to higher revenues in our residential construction division of Direct Energy Services."

"With our announced acquisitions of Hess Energy Marketing yesterday, Bounce Energy on July 12, and the benefit of previous acquisitions combined with our continued focus on improved customer service, we are well positioned to deliver on our full year targets," Khan added.

The efforts of Direct Energy's employees in the first half of the year are being felt throughout the company as it continues to deliver high levels of customer service while also ensuring and maintaining the highest safety standards.

The company is also moving forward on innovation initiatives such as smart and time-of-use products putting customers in control and making their lives easier. Direct Energy also unveiled its newly redesigned website, which significantly enhances the customer's online experience.

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