Shares in British Gas owner Centrica tumbled 11% after it announced its chief executive will step down next year, and accounts showed the company slid to a £446m loss in the first half of the year.
It comes after it was confirmed Conn received a controversial 44% pay rise earlier this year, despite Britain’s biggest energy supplier losing hundreds of thousands of customers and planning to make heavy spending cuts.
A union leader called the results “calamitous” and said he feared for workers’ jobs with the company “haemorrhaging customers,” urging the firm not to axe more staff.
The company confirmed Iain Conn will leave his post after the 2020 annual general meeting in its latest update to shareholders.
The company announced it will look for £1bn of savings as part of a huge cost-cutting programme, up from a previously estimated £750m.
The company’s accounts show it recorded a loss before tax of £446m in the six months to 30 June, a significant deterioration from a £704m profit over the same period a year earlier.
It said its adjusted revenue was down 2% to £13.8bn, while its underlying earnings fell 19% to £1.08bn.