British Gas announce record profit

British Gas has announced operating profits increased by 58% in 2009 to reach a record high. 

The company's operating profits rose to £595m last year from £376m in 2008, beating the previous high of £573m in 2007. 

This announcement comes shortly after industry data revealed that small and medium-sized businesses are paying more for their gas and electricity than larger companies, and has led to a call for prices to be cut.

"Energy companies have no excuses for not cutting bills for their customers. It is clear the problems in the energy market are profound and that it requires fundamental reform," said Philip Cullum of campaign group Consumer Focus. 

"Unlike the other members of 'Big Six', British Gas reports its results in detail and so takes much of the flak that deserves to be shared with the other companies. If ever a market was crying out for greater transparency it is the current UK energy market."  

British Gas is the only major UK energy supplier to have cut bills this year and Ofgem recently published a report revealing that profit margins at energy suppliers have risen by an estimated £30 a year.