BusinessCompany NewsCentrica reveals reduced FRS17 pension deficit

Centrica reveals reduced FRS17 pension deficit

Centrica's pensions deficit falls by £275m as profits grow

Centrica has revealed it has reduced its pension deficit under FRS 17 by £275m to £475m.

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RBS due £400m IFRS hit

The news came on the day the energy company revealed turnover was up 9% in 2004 to £11.8bn and operating profit up 16% to £839m.

Centrica said the pension deficit reduction was down to a one-off contribution of £100m from the sale of the AA in September.

The company also revealed its taxation charge for 2004 3349m,a net rate on profits of 29% up from the £282m and 28% in 2003.

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